Business

Market watch: KSE-100 ends negative for fourth successive session

The KSE-100 decreased another 210 points to end negative for the fourth successive session as political uncertainty over the upcoming general elections kept investors at bay on the last day of the week as well.
The index opened sideways and soon landed in the red where it stayed throughout the session. A brief buying spell did not last long, eventually taking the KSE-100 closer to the 44,500-mark.
At close, the benchmark KSE-100 Index finished with a decrease of 209.73 points or 0.47% to settle at 44,536.91.
JS Research’s Maaz Mulla said persistent political instability has caused investors to stay on the sidelines.
“The index witnessed a bear market on Friday, falling as much as 279 points in intra-day trading before recovering some ground.
Market watch: Stocks bleed as KSE-100 loses 450 points
“Selling pressure was witnessed across the board as investors opted to book profits as political environment remained heated.
“Traded volumes plunged by 3% day-on-day, while value traded dropped to $44 million.
“Top volume stocks were Bank of Punjab (+2.34%), Unity Foods (-3.85%) and Shabbir Tiles and Ceramics Limited (+2.43%). K-Electric (+1.52%) from the power sector closed positive on back of the news that the prime minister backed sale of K-Electric’s majority stake to a Chinese firm, where the deal would get through in near future.
“Cement sector remained under the hammer for the third consecutive day as Lucky Cement (-1.15%), DG Khan Cement (-0.57%), Pioneer Cement (-2.02%) and Fauji Cement Company Limited (-0.63%) lost value to close in the red zone.
“Pressure was witnessed in the banking space where big banks such as HBL (-1.75%), UBL (-3.10%), Allied Bank (-0.78%) and MCB (-0.25%) closed in the negative zone.
Market watch: KSE-100 continues to bleed, ends below 45,200
“E&P sector closed lower than its previous day’s close as crude oil prices edged lower in the international market. Pakistan Oilfields Limited (-0.25%) and Pakistan Petroleum Limited (-0.56%) were the major losers of the mentioned sector.
“Moving forward, we expect the market to exhibit volatility in the coming sessions due to overall political ambiguities in the market.” He added.
Shares of 365 companies were traded on Friday. At the end of the day, 172 stocks closed higher, 171 declined while 22 remained unchanged. The value of shares traded during the day was Rs5.06 billion.
Bank of Punjab was the volume leader with 21.1 million shares, gaining Rs0.28 to close at Rs12.25. It was followed by Unity Foods with 13.2 million shares, losing Rs1.22 to close at Rs30.44 and Shabbir Tiles with 10.3 million shares, gaining Rs0.52 to close at Rs21.88.
Overall, trading volumes decreased to 139 million shares compared with Thursday’s tally of 144 million.
Foreign institutional investors were net sellers of Rs147.8 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.