The Pakistan Stock Exchange's (PSX) benchmark KSE-100 Index ended its four-session rally, falling 274 points on the final day of the week with both volume and value of shares traded also registering a decline.
The market opened on a slightly positive note, riding on the news that the staff-level agreement with the International Monetary Fund (IMF) had finally been reached. However, selling pressure was soon witnessed with the index swinging sideways through the rest of the session.
At close, the KSE-100 index finished with a fall of 274 points or 0.65% to settle at 42,074.91 points.
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A note from Arif Habib Limited (AHL) stated the market remained range-bound throughout the day as investors opted for profit taking.
“Volumes remained dry in the main board although healthy volumes were witnessed in the 3rd tier stocks,” said the brokerage house.
Sectors contributing to the fall included banks (69.7 points), E&P (55.1 points), cement (45.7 points), engineering (21.5 points) and fertiliser (19.6 points).
On the economic front, the rupee closed near the 211 level after a 0.55% fall against the dollar in the inter-bank market on Friday, as pressure piled up due to import payments and the US currency's added strength.
Moreover, the government in a late-night development, also decided to slash petrol prices for the remainder of July.
Meanwhile, volume on the all-share index declined to 140.12 million from 227.85 million on Thursday. The value of shares traded dropped to Rs5.37 billion from Rs7.43 billion recorded in the previous session.
Pak Elektron was the volume leader with 12.03 million shares, followed by Unity Foods Limited with 8.96 million shares, and Sui Northern Gas Company with 5.92 million shares.
Shares of 347 companies were traded on Friday, of which 116 registered an increase, 208 recorded a fall, and 23 remained unchanged.
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