The Pakistan Stock Exchange (PSX) on Friday endured a choppy session and the KSE-100 Index fell 0.32% owing to lack of clarity on resumption of the International Monetary Fund (IMF) programme.
KSE-100 falls 0.8% over rumours of interest rate hike
By the end of the trading session, the benchmark index was down 130.75 points or 0.32% to close at 40,707.76.
Trading kicked off with an increase and the KSE-100 Index hit an intra-day high in initial hours before closing the first session flat. The second half of the day saw the market decline and end negative.
Automobile, cement and banking sectors closed in the red while fertiliser space closed mixed. Despite the pessimism, cement segment ended with gains.
A report from Arif Habib Limited stated that the PSX concluded the week with a mixed session.
“The market opened in the green zone, although initially bulls drove the market but soon bears took the charge as investors opted to square-up their positions due to the rollover week,” it said.
“Market remained choppy throughout the day as investors kept cautious trading approach owing to political noise along with no clarity from IMF board for the release of 9th tranche of the Extended Fund Facility. Trading volumes remained healthy as investors opted for value hunting in high dividend yielding stocks.”
Capital Stake, in its report, stated that extending losses made during the previous session, the PSX closed last session of the week in red.
“Indices oscillated in both directions, while volumes increased from last close,” it said.
On the economic front, rupee registered a modest gain against the US dollar for the third successive session on Friday, appreciating Re0.94 or 0.36% to close at 259.99.
Sectors dragging the benchmark KSE-100 Index downwards included, banking (112.28 points), oil and gas exploration (41.49 points) and technology and communication (31.35 points).
Volume on the all-share index rose to 153.4 million from 150.3 million on Thursday. The value of shares dropped to Rs4.96 billion from Rs5.77 billion recorded in the previous session.
WorldCall Telecom was the volume leader with 35.1 million shares followed by Maple Leaf Cement with 10.5 million shares and TPL Properties with 7.1 million shares.
Shares of 330 companies were traded on Friday, of which 113 registered an increase, 189 recorded a fall and 28 remained unchanged.
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