Benchmark index falls 0.21% to finish trading at 41,910.90. PHOTO: AFP/FILE
The market kicked off on a positive note but soon succumbed to selling pressure and thereafter, fell consistently to go below the 41,800-point mark. Cherry picking during the final hours meant stocks staged a minor recovery but not enough to end positive.
At close, the benchmark KSE 100-share Index recorded a decrease of 86.95 points or 0.21% to settle at 41,910.90.
JS Global's Ahsan Lakhani said the bourse closed negative with major heavyweights ending lower.
"Market kicked off positive hitting a day's high of 84 points," said Lakhani. "It then traded sideways making a low of -248 points to finally close in the red.
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"Today's major heavyweights namely, PPL (-1.1%), OGDC (-0.2%), ENGRO (-1.0%), UBL (-0.2%), MCB (-0.8%), POL (-0.3%) and LUCK (-0.8%) cumulatively contributed -78 points.
"Volume leaders were KEL (+4.2%), PIBTL (+2.3%) and PAEL (+1.1%). Cements, energy and financials dragged the market down where LUCK (-0.8%), DGKC (-1.5%) and FCCL (-1.9%) closed in the red. Mixed sentiment was seen in financials where HBL (+1.0%) closed in the green on the flipside, UBL (-0.2%) and MCB (-0.8%) closed in the red.
"Moving forward, we expect the market to remain positive with flows from local and foreign institutions guiding market direction following the General Elections 2018.
On the other hand, Elixir Securities said news flow on the amnesty scheme will drive market sentiment next week.
"In case the scheme manages to translate into sizeable foreign repatriations (USD2bn+), it will serve as a breather for the Balance of Payment and strained foreign reserves," it said in a statement. "Moreover, any extension in the deadline (currently set at June 30, 2018) will also be taken positively."
Market watch: KSE-100 ends with 472-point gain even as foreigners offload
Overall, trading volumes increased to 166 million shares compared with Thursday's tally of 159.8 million. The value of shares traded during the day was Rs6.1 billion.
Shares of 341 companies were traded. At the end of the day, 170 stocks closed higher, 160 declined while 11 remained unchanged.
K-Electric Ltd was the volume leader with 12.1 million shares, gaining Rs0.23 to close at Rs5.68. It was followed by Silk Bank Ltd with 9.6 million shares, gaining Rs0.2 to close at Rs1.36 and Pakistan International Bulk Terminal Ltd (XR) with 9.4 million shares, gaining Rs0.25 to close at Rs11.35.
Foreign institutional investors were net sellers of Rs322.7 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.
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