KARACHI - Market witnessed a ranged bound session with low volumes as investors preferred to stay sidelines ahead of a political party’s rally, equity dealers observed here on Friday.
The KSE benchmark 100-share index shed by 16.48 points or 0.06 percent to close the day at 28494.54 points compared to 28511.02 points of the previous day.
Analyst Ahsan Mehanti at Arif Habib said stocks closed lower amid thin activity at KSE on uncertainty over SBP monetary policy announcements next week. Pressure remained in blue chip stock ahead of federal budget despite improved economic data on FX reserves and home remittances. Trade remained in second and third tier stocks. Uncertainty over TTP peace talks, rising circular debt in energy sector and power shortfall for industrial sector played a catalyst role in bearish sentiments, he added.
KSE-Allshare off by 59.46 points or 0.28 percent to finish at 21237.96 points, KSE-30 index down by 49.29 points or 0.25 percent to end the day at 19872.25 points while KMI-30 index off by 17.85 points or 0.04 percent to conclude the trading at 45487.58 points. Volumes declined by 10pc to Rs 5.318 billion from Rs 6.185 billion and turnover in term of shares was 119.495 million after opening at 132.849 million shares while the capitalisation of market settled at Rs 6.796 trillion compared to Rs 6.821 trillion of a day earlier.
Samar Iqbal Manager Equity Sales at Topline said in spite of govt released some amount to PSO on account of circular debt, stock failed to perform due to weak sentiments. Meezan Bank entered into an agreement with HSBC Bank ME to acquire its banking business in Pakistan subject to regulatory approvals. Trading took place in 339 companies where 158 closed in positive and 160 in negative while the value of 21 stocks remained intact. Highest decreased reflected in the price of Rafhan Maize SPOT down by Rs 532.50 to Rs 10117.50 followed by Shezan Inter shed by Rs 42.80 to Rs 872.99. Phillip Morris Pak and Murree Brewery were the biggest price gainers of the day up by Rs 40.73 to Rs 855.49 and Rs 31.58 to Rs 681.58. Active list was topped by JS Co with 17.978 million shares as it closed at Rs 12.11 after opening at Rs 11.55. JS Bank Ltd was the second highest with 4.603 million shares added Re 0.17 to Rs 6.33. It was followed by Bank Al-Falah with 3.805 million shares marginally up by Re 0.01 to Rs 27.21, Fauji Cement with 3.799 million shares grew by Re 0.12 to Rs 17.52 and Askari bank with 3.796 million shares up by Re 0.15 to Rs 18.99.