Pakistan Stock Exchange witnessed a mixed trend with the benchmark KSE-100 index oscillating between 42,121.26 points intra-day high and 41,798.78 points intra-day low level before closing at 41,841.56, down 132.90 points on Friday.
Trading activity also remained low due to absence of retail investors and the daily trading volumes declined to 451.978 million shares as compared to 529.362 million shares Thursday. The market capitalisation decreased by Rs 8 billion to Rs 8.469 trillion. Out of total 430 scrips, 238 closed in negative, 173 in positive while the value of 19 stocks remained unchanged.
Bank of Punjab was the volume leader with 79.225 million shares however, it lost Rs 0.15 to close at Rs 18.33 followed by Sui Southern Gas Company that closed at Rs 44.61, down Rs 0.09 with 21.082 million shares. Dewan Cement declined by Rs 0.58 to close at Rs 31.60 with 20.840 million shares.
Nestle Pakistan and Bata Pak were the top gainers with Rs 119.67 and Rs 100.00, respectively to close at Rs 8,369.67 and Rs 4,200.00. Unilever Foods and Colgate Palmolive were the top losers with Rs 170.00 and Rs 50.00 to close at Rs 5,700.00 and Rs 1,550.00, respectively.
Ahsan Mehanti at Arif Habib Corporation said stocks closed lower amid institutional profit-taking in the post earnings season. Fall in global crude prices below $45/barrel, bearish global equities and renewed concerns over outcome of SC probe into Panama gate scandal played a catalyst role in bearish close.
Arhum Ghous at JS Global Capital said that the market witnessed profit taking on the back of uncertainty in the global political situation. E&P sector remained under pressure on the back of decline in crude oil prices. Crude oil prices plummeted to five week low below $45 in the international market. POL and OGDC were the major laggard of this sector. Moreover, profit taking was witnessed in the cement sector due to surge in international coal prices.
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