Benchmark index loses 1.37% to settle at 41,221.75. PHOTO: FILE
KARACHI: The KSE-100 Index broke a short, but strong winning streak to end negative on Friday, ending near the 41,200 level after a 574-point fall.
After having gained nearly 5.4% in the previous three sessions, adding 2,130 points, the KSE-100 saw selling pressure and profit-taking as general elections loom closer.
The day kicked off with a sharp plunge with weakening economic fundamentals and profit-taking taking over investor sentiment.
At close, the benchmark KSE 100-share Index recorded a decrease of 573.84 points or 1.37% to settle at 41,221.75.
JS Global's Maaz Mulla said bulls lost control as profit booking was witnessed where the index made an intra-day low of 41,157.
"Volumes were recorded at 223 million shares, down 34% as compared to Thursday. BOP (-4.88%) from the banking sector led the volume with almost 21 million shares exchanging hands," said Mulla.
Market watch: KSE-100 continues to advance with 898-point gain
"On the news front, the country's current account deficit increased by 43 percent to $17.994 billion in the fiscal year ended June 30, 2018 as compared to $12.621 billion in the preceding financial year.
"Investors opted to book profits in the cement sector after two straight sessions of positivity, where PIOC (-2.89%), FCCL (-2.69%), DGKC (-2.83%), CHCC (-3.16%) and LUCK (-2.14%) closed in the red zone. Steel sector closed positive where ASTL (+3.26%) and ISL (+2.17%) were the major movers of the sector.
"ENGRO (-0.42%) released its material information where the company informed PSX about its proposed transaction for sale of up to 36% of its stake in Elengy Terminal Pakistan (29% of total outstanding shares of ETPL). The transaction is expected to result in a one-time gain of ~Rs7/share on ENGRO's income statement.
"Moving forward, we expect the market to depict a similar trend and recommend investors to see any upside in the market as an opportunity to sell," added Mulla.
Market watch: With interest in cement and steel, KSE-100 rises nearly 1,000 points
Overall, trading volumes decreased to 222.7 million shares compared with Thursday's tally of 337.1 million. The value of shares traded during the day was Rs8.8 billion.
Shares of 350 companies were traded. At the end of the day, 82 stocks closed higher, 244 declined while 24 remained unchanged.
Bank of Punjab was the volume leader with 20.9 million shares, losing Rs0.63 to close at Rs12.28. It was followed by Lotte Chemical with 19 million shares, losing Rs0.04 to close at Rs12.83 and K Electric with 14.1 million shares, losing Rs0.19 to close at Rs5.44.
Foreign institutional investors were net buyers of Rs80.6 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.
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