Benchmark KSE-100 index falls 119.10 points. PHOTO: AFP/FILE
KARACHI: With a small change from the day before, the stock market failed to spark interest and ended the trading session in the negative zone.
This was the eight consecutive day when the bourse remained range bound as all major sectors closed lower.
The Karachi Stock Exchange (KSE) benchmark 100-share index fell 0.36% or 119.10 points to end at 32,960.27 on Friday.
Elixir Securities in its report said Pakistan equities closed the week negative in lacklustre trading as the benchmark KSE-100 index moved in a range of 313 points.
Activity in the broader market remained dull while weaker regional markets and selling pressure due to futures contracts roll-over pulled the market into the negative zone, said the report.
“Benchmark index shed as much as 260 points during the day on reported institutional selling across the board, however, it recovered to settle near 33k on late value shopping in select names.”
The report added that almost all major sectors closed lower with Engro Corp (-0.81%), Lucky Cement (-0.79%) and Pakistan State Oil (-0.27%) contributing most of the points to the index’s decline.
JS Global analyst Ovais Ahsan said the market posted its eighth straight negative close as bearish sentiment prevailed.
“Lack of any positive triggers, fear of foreign selling and Friday being the last day of futures roll-over were some of the reasons for the selling pressure,” said Ahsan.
Trade volumes fell to 122 million shares compared with Thursday’s tally of 140 million.
Shares of 346 companies were traded. At the end of the day, 131 stocks closed higher, 193 declined while 22 remained unchanged. The value of shares traded during the day was Rs6.2 billion.
Sui Southern Gas Company was the volume leader with 16.2 million shares, losing Rs0.85 to finish at Rs43.06. It was followed by Pak Elektron with 13.3 million shares, gaining Rs0.45 to close at Rs65.89 and TRG Pakistan Limited with 10.3 million shares, losing Rs0.22 to close at Rs38.53.
Foreign institutional investors were net sellers of Rs665 million during the trading session, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, November 28th, 2015.
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