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Index finishes weekend session with 110-point loss

KARACHI: The share prices see-sawed on the last trading day of the week as the KSE-100 index closed 110.14 points (0.22 per cent) down at 49,555.83 on Friday after having moved between the intra-day high and low of 114 and 235 points.

The overall volume decreased by 24pc to 338 million shares, while the value rose by 18.7pc to Rs24.1bn. Around 39 stocks closed on their upper limits in contrast to 28 names finishing off the session on their lower circuits.

Abra Juma on the sales desk of Global Securities stated that after the two-day rally of more than 900 points, the stock market witnessed a volatile session as index remained directionless throughout the day.

Others noted that the market staged a range-bound session underpinned by the Friday factor. The index opened on a weak note as uncertainty prevailed amid concerns surrounding SECP’s stance vis-a-vis in-house financing, thus forcing traders to stick to the sidelines.

“HBL and Hub Power fell by 0.6pc and 1pc, contributing 47 points to the index fall,” said Hammad Aman, Manager Equity Sales at Topline Securities. “From sector perspective, telecommunication dipped 2.29pc, health care 1.61pc and utilities 0.75pc kept the index under pressure, while consumer discretionary rose 0.44pc and materials 0.33pc.

Major contribution to dow­nside came from HBL fell by 0.71pc, Hubco 1.10pc, FFC 1.35pc, PPL 1.05pc and OGD­CL 0.83pc. Additional pressure came from IGIIL dipped 5pc, MCB 0.67pc, SEARL 1.48pc and POL 1.16pc.

On the gainers side, MARI and ISL soared by 5pc while Engro added 3.68pc.

courtesy : dawn news



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