KARACHI: The Pakistan Inventory Alternate (PSX) noticed its third adverse session of the week on Friday amid range-bound buying and selling, with the index fluctuating in each instructions.
The benchmark KSE-100 index misplaced 440 factors to shut simply above the 78,000 mark, recording a decline of over 2,000 factors in the course of the week.
“A variety-bound session was noticed at this time as buyers most well-liked to stay on the sidelines earlier than the financial coverage assembly on Monday, June 29,” the brokerage home Topline Securities stated in its post-market report on Friday.
Main constructive contribution to the index got here from Financial institution AL Habib, Bank Alfalah, United Financial institution, Hub Energy Company, and Pakistan Tobacco Firm, as these 5 scrips cumulatively contributed 216 factors.
Conversely, Habib Financial institution, Oil and Gasoline Improvement Firm, Meezan Financial institution, Pakistan State Oil, and Programs Ltd misplaced worth to crush on the index by -258 factors.
Traded quantity and worth for the day stood at 277 million shares and Rs11.62 billion, respectively.
Okay-Electrical was Friday’s quantity chief with 15m shares, adopted by Sui Northern Gasoline Pipelines Ltd, WorldCall Telecom, Quice Meals Industries, and Agritech Ltd.
On a week-on-week foundation, the KSE-100 dropped by 2.6 per cent.
“This decline may be attributed to a rise in political noise following the federal government’s reluctance to implement the courtroom’s reserved seat determination in favour of the opposition and measures by the federal government to ban the opposition occasion PTI,” Topline Securities stated.
The report additionally highlighted that profit-taking by buyers after a chronic consolidation interval across the 80,000 stage contributed to the market stress in the course of the week.
Main occasions in the course of the outgoing week included a treasury invoice public sale, wherein yields declined within the vary of 30 to 56 foundation factors forward of the financial coverage announcement on Monday.
Common each day traded quantity and worth in the course of the week stood at 336m shares and Rs15.5bn, respectively.
Printed in Daybreak, July twenty seventh, 2024