The Pakistan Stock Exchange (PSX) saw a roller-coaster ride on Friday and the benchmark KSE-100 Index swung in both directions to end nearly flat, while volumes contracted from the previous session.
By the end of the session, the benchmark KSE-100 Index closed with a gain of 46.67 points or 0.11% at 41,698.28. On a weekly basis, the index declined by 1%.
Trading began on a positive note and the market maintained an upward trend throughout the day.
Index-heavy commercial banks and cement closed with gains while automobiles and chemical ended in the red.
KSE-100 falls 0.4% on back of negative triggers
A report from Arif Habib Limited (AHL) said in first half of the trading session, the market remained sluggish.
“However, as the second session resumed the volumes picked up after the Supreme Court declared agreement for the development of the Reko Diq mine legal, which helped boost interest in the E&P sector.”
“Investors' participation remained low on the mainboard with 3rd tier stocks continuing to dominate the volume board,” it said.
A report from Topline Securities stated that the drop in KSE 100 Index on a weekly basis can be attributed to delay in the International Monetary Fund (IMF) tranche.
“Stalemate continued between the fund and Government of Pakistan on polices and reforms required to bring the bailout program back on track, dwindling foreign reserves on international debt repayment also weighed down on investor sentiment,” it said.
On the economic front, rupee registered a loss for the fifth successive session against the US dollar on Friday and lost Re0.03 or 0.01% in the inter-bank market to close at 224.40.
Sectors driving the benchmark KSE-100 upwards included, oil and gas exploration (39.53 points), banking (36.66 points) and engineering (9.32 points).
Volume on the all-share index decreased to 191.4 million from 227.8 million on Thursday. The value of shares traded declined to Rs3.58 billion from Rs4 billion recorded in the previous session.
WorldCall Telecom was the volume leader with 19.66 million shares, followed by Media Times Limited with 15.02 million shares, and Dewan Farooque Spinning Mills Limited with 13.01 million shares
Shares of 322 companies were traded on Friday, of which 141 registered an increase, 160 recorded a fall, and 21 remained unchanged.