Bullish otherwise, the share market ended the week in red with the KSE-100 index losing 69 points to close at 39,188 points on Friday. With benchmark index showing volatility in intraday trade, the number of shares traded increased to 200 million from the previous 165 million. Traded value also appreciated to stand at Rs 13.63 billion compared to Rs 11.63 billion of last session.
In total, 349 scrips changed hands of which 192 posted gains, 132 lost their worth and that of 25 stayed unchanged. The market capital was almost flat at Rs 7.84 trillion as against Rs 7.85 of Thursday. Foreign portfolio investment marked a net buying of $3.67 million.
TRG Pakistan led volumes with 16 million of its listed shares traded, each rising to Rs 35.41 at close. Other most traded issues were Dewan motors, SNGPL, Engro Fertilisers, Dewan Cement, Pace Pakistan, Fauji Fertilisers Bin Qasim, K-Electric, Pak Elektron and Hi-Tech Lubricant. Futures trade surged to 38 million contracts from the previous day's 31 million. "Stocks closed lower in late session pressure on weak earnings outlook in the banking stocks after SBP matured over Rs 1.3 trillion high-yield bonds yesterday (Thursday)," viewed Ahsan Mehanti of Arif Habib Corp.
Auto, oil and cement stocks outperformed the index on upbeat sales data for Jul-Jun'16, the analyst said. "Concerns over soaring trade deficit, ongoing political stand-off and France terrorist attack played a catalyst role in bearish close," said Mehanti. Nabeel Haroon of JS Research saw volatility prevailing on the market. The index, he said, traded between an intraday high of +158 points and intraday low of -110 points. EFERT and FFBL gained 1 and 1.2 percent as investor interest was seen in fertiliser sector. "Investors anticipate strong fertiliser dispatch number for July on the back of subsidy extended to farmers on urea and DAP," the analyst said. Moving forward, he maintains a bullish stance on the market.
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