The benchmark KSE-100 of Pakistan Stock Exchange (PSE) on Friday shed 54 points or (-0.14%) closed at 40,016 on Funds selling and FATF concerns.
With a lack of fanfare and excitement, the market finally ended the week in red. Banking sector realized the most volumes (20M), followed by Chemical Sector (8.7M).
Among the banking sector, UBL hit lower circuit again with a traded volume of 4.2M shares at lower circuit.
Following the bearish sentiment, BOP, NBP and HBL also traded in red.
NBP’s announcement of financial results sans dividend failed to impress the investors, which resulted in stock trading at lower than yesterday’s closing.
Overall, the index went down by 279pts, however, recovery of around 200pts was seen by end of session.
The Index closed at 40,016pts as against 40,070ps showing a decline of 55pts (-0.1% DoD).
Sectors contributing to the performance include Banks (-99pts), Miscellaneous (-26pts), E&P (+23pts), Autos (+20pts).
Analysts at Arif Habib Limited said that the volumes declined from 103mn shares to 98mn shares (-4% DoD).
Average traded value also declined by 10% to reach US$ 39mn as against US$ 44mn.
Stocks that contributed significantly to the volumes include BOP, PAEL, OGDC, LOTCHEM and UBL, which formed 26% of total volumes.
Stocks that contributed positively include MCB (+26pts), OGDC (+16pts), HUBC (+13pts), THALL (+13pts), and MEBL (+12pts).
Stocks that contributed negatively include UBL (-77pts), PSEL (-26pts), HBL (-22pts), ENGRO (-16pts) and HMB (-15pts).