KARACHI -  Pakistan Stock Exchange witnessed another bearish session on Friday amid prevailing political uncertainty. The 100-share index shed 114.43 points and closed at 39,872.88 points level.

Volatility prevailed at the stock market on the last day of the week, dealers said. The ever-rising political noise kept investors’ confidence low. The gas utility companies SNGPL (up 5.00%) and SSGC (4.98%) remained upbeat yesterday.

The energy sector remained mostly in the red zone throughout the day on the back of depressed global crude oil prices, stated analyst Ahmed Saeed Khan. Major laggards of the aforementioned sector were PPL (down 1.13%) and OGDC (0.27%).

Overall, volumes declined by 14.5% to 328m shares, while value decreased by 13% to Rs10.8b/ $104m. FCCL announced EPS of 3.94/share along with Re1 cash dividend for the year ending June 2016. This led the stock to gain 2.76%. NML announced above expected EPS of 4.57/share. Stock gained by 0.1%.

OGRA in its motion for review stated that the cost on account of late payments to gas producers will be under consideration to form part of determination for revenue requirement for FY16. This led SSGC & SNGPL to close at their upper limits of 5%, said dealers at Topline brokerage. Brokers expect that market would remain range bound in the upcoming week, where negative pressure on the market can be expected post the 2nd November protests.