The Pakistan Stock Exchange’s (PSX) benchmark index KSE-100 closed lower by over 100 points on Friday, as the market failed to sustain its positive momentum observed in early trading amid lack of triggers.
The KSE-100 started on a positive note, hitting an intra-day high of 48,615.14, but profit-taking erased the gains.
At close, the benchmark index settled at 48,218.50, down 107.34 or 0.22%.
“The equity market depicted mixed sentiment today [Friday] and closed negative in the absence of positive triggers,” brokerage house Ismail Iqbal Securities said in its market report.
A statement from OGDC stating that the company has not received any formal communication from authorities on issue of circular debt settlement also contributed to the negative close, brokerage house Topline Securities stated.
Major positive contribution to the index came from PPL, HUBC, NESTLE, PABC and BAFL, as they cumulatively contributed 78 points to the index.
On the flip side LUCK, UBL, POL, MCB and MEBL lost value to weigh down on the index by 92 points, according to the brokerage house.
On Thursday, the KSE-100 Index had finished with a 0.37% increase as late-session buying helped erase intra-day losses.
On the economic front, the Pakistan rupee reverted to its losing ways against the US dollar, as the currency depreciated 0.29% in the inter-bank market on Friday. At close, the rupee settled at 295.78, a decrease of Re0.86, as per the State Bank of Pakistan.
Volume on the all-share index increased to 254.8 million from 226.9 million on Thursday.
The value of shares rose to Rs10.4 billion from Rs10 billion in the previous session.
WorldCall Telecom remained the volume leader with 40.5 million shares, followed by Pak Petroleum with 28 million shares and Oil & Gas Dev. with 19.8 million shares.
Shares of 333 companies were traded on Friday, of which 126 registered an increase, 186 recorded a fall, and 21 remained unchanged.
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