Pakistan Stock Exchange opened on a positive note and the benchmark KSE-100 index hit 49,138.40 points intra-day high. However, the market witnessed selling pressure in the second session that pushed the index into the negative zone to hit 48,928.44 points intra-day low. The index closed at 48,971.05 points with a net loss of 45.74 points on Friday.
Daily trading volumes increased by 11 percent to 353.390 million shares as compared to 317.794 million shares traded Wednesday. The market capitalisation increased by Rs 7 billion to Rs 9.647 trillion. Out of total 394 active scrips, 204 closed in positive, 172 in negative while the value of 18 stocks remained unchanged. K-Electric was the volume leader with 42.436 million shares. It gained Rs 0.27 to close at Rs 8.68 followed by Bank of Punjab that increased by Rs 0.98 to close at Rs 18.25 with 35.712 million shares. Aisha Steel Mill surged by Rs 1.28 to close at Rs 27.02 with 28.781 million shares.
Philip Morris Pak and Wyeth Pak were the top gainers with Rs 111.96 and Rs 71.49, respectively to close at Rs 2,351.16 and Rs 3,077.96. Bhanero Textile and Ghandhara Industries were the top losers with Rs 40.35 and Rs 27.21, respectively to close at Rs 767.16 and Rs 915.67.
Ahsan Mehanti at Arif Habib Corporation said that stocks closed lower amid pressure in banking stocks as investor await SBP key policy rate decisions to be announced on Saturday (today). Investor interest remained in selected cement, auto and engineering sector stocks on likely gains in CPEC projects. He said weak global crude prices, falling exports and concerns for leverage issues at PSX played a catalyst role in bearish close.
Arhum Ghous at JS Global Capital said that KSE-100 index remained lackluster during the day as the index traded between an intraday high of plus 122 points and low of down 89 points to close at 48,971 level, down 46 points, owing to jitters from the political backdrop. FFBL (up 1.18 percent) increased in value post release of material information that FFBL Power Company (FPCL), a subsidiary of Fauji Fertilizer Bin Qasim is expected to commence its commercial operation by end April 2017. Overall mixed rally was witnessed in the banking sector where some of the big banks such as HBL (up 0.63 percent) and NBP (up 0.16 percent) closed in the green zone whereas MCB (down 1.44 percent) and UBL (down 0.35 percent) posted decline in value.
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