Index-heavy banking and cement sectors saw some selling pressure on Friday as the benchmark KSE-100 Index lost over 350 points during the final trading session of the week.
At close, the benchmark KSE-100 Index settled at 81,292.13, a decrease of 365.83 points or 0.45%.
On Thursday, an initial buying spree also made way for selling pressure as investors took stock of Pakistan’s economic condition despite the International Monetary Fund (IMF) approving Pakistan’s 37-month Extended Fund Facility (EFF) of about $7 billion.
Investors are likely to consolidate gains before assuming fresh positions as the market incorporates latest inflation readings and projections of a rate cut in upcoming monetary policy announcements.
Globally, Europe’s STOXX 600 rose 0.2% to a record high of 526.72 points on Friday, eclipsing late August’s all-time peak.
The index has risen 2.4% this week, its biggest weekly jump in six weeks, as global stocks have rallied on the prospect of earlier rate cuts from the Federal Reserve and European Central Bank, as well as China’s plans for large-scale stimulus to boost growth.
Meanwhile, the Pakistani rupee remained largely stable against the US dollar on Friday, appreciating 0.02% in the inter-bank market. At close, the currency settled at 277.64, a gain of Re0.05 against the US dollar.
Volume on the all-share index decreased to 339.32 million from 423.94 million on Thursday.
The value of shares decreased to Rs12.89 billion from Rs17.67 billion in the previous session.
K-Electric Ltd was the volume leader with 50.66 million shares, followed by WorldCall Telecom with 32.40 million shares, and Hub Power Co.XD with 16.26 million shares.
Shares of 439 companies were traded on Friday, of which 129 registered an increase, 234 recorded a fall, while 76 remained unchanged.
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