KARACHI: The Pakistan Stock Exchange (PSX) succumbed to selling pressure on Friday, with the benchmark index failing to sustain early gains and closing in the red.
The performance of global equity markets also remained mixed, whereas crude oil prices slipped lower from the previous close; WTI crude price declining 0.19pc to $48.27 while Brent crude price falling 0.39pc to $51.30.
“The market moved in a narrow range today, mainly on the back of selling pressure ahead of the short rollover week,” a report issued by Arif Habib Ltd read. “Key stocks in banks, exploration & production and oil marketing companies helped the index stay afloat, whereas last half hour of the session saw brisk activity in steel sector that improved the price performance of underlying stocks.”
MARKET SUMMARY
The benchmark KSE-100 Index started the day on a positive note, gaining 188.87 points to touch intraday high at 43,955.56. It, however, lost momentum thereon, slipping to its intraday low at 43,638.33 (-128.36 points). The index finally settled settled lower by 26.14 points at 43,740.55.
Among other indices, the KMI-30 Index lost 101.01 points to close at 71,646.60, whereas the KSE All Share Index added 63.72 points, ending at 30,738.36.
The overall market volumes contracted from 497.52 million shares in the previous session to 482.53 million shares (-3pc). Average traded value, on the contrary, increased 5pc, from $140.8 million to $148.2 million. Pakistan Refinery Ltd (PRL -4.17pc), Fauji Foods Ltd (FFL +1.92pc) and K-Electric Ltd (KEL +0.78pc) led the volume chart, exchanging 38.07 million, 31.50 million and 28.65 million shares, respectively.
Sectors that dragged the benchmark index lower included fertilizer (-41.66 points), cement (-26.30 points) and automobile assembling (-7.65 points). Among the companies, Engro Corporation Ltd (ENGRO -33.98 points), Pak Petroleum Ltd (PPL -11.14 points) and Hub Power Company Ltd (-10.25 points) dented the index the most.
Shedding 1.65pc from its cumulative market capitalization, the refinery sector ended as the session’s worst performer, with Byco Petroleum Pakistan Ltd (BYCO -3.21pc), Attock Refinery Ltd (ATRL -1.53pc) and Pakistan Refinery Ltd (PRL -4.17pc) ending in the negative.
