LAHORE: The Pakistan Stock (PSX) ended the last day of the week in red. After three sessions of the bullish trend, bears took hold of the market. The indices which traded in green trading earlier were seen going down in the negative direction later.
On the economic front, during the week a decrease in the foreign exchange reserves held by the State Bank of Pakistan was observed, a fall from $10 billion to $9.663 billion. The funds were utilized for official payments and debt servicing. Current reserves held are now less than those required for two months of imports.
The KSE 100 depreciated by 247.51 points to an intraday low of 41,750.01. The index lost 86.95 points and settled at 41,910.90. The KMI 30 index dropped by 401.17 points to 71,061.49. The KSE All Share index gained 96.55 points and settled at 30,576.35.
The total market volume slightly appreciated from the last session and was recorded at 166.08 million on Friday. K-Electric Limited (KEL +4.22 per cent) managed to maintain its position at top of the volume chart, with 8.77 million shares exchanged. Pak Elektron Limited (PAEL +1.05 per cent) and Pakistan International Bulk Terminal Limited (PIBTL +2.25 per cent) were next on the list with 8.18 million and 7.64 million shares, respectively.
The commercial banking sector ended the week in green and was up by 0.50 per cent on Friday. Market players like Allied Bank Limited (ABL), Habib Metropolitan Bank Limited (HMB) ended the week higher by 5.99 per cent and 5.30 per cent, respectively. While MCB Bank Limited (MCB) lost 0.31 per cent. The largest market cap bank, Habib Bank Limited (1.61 per cent) also concluded the week in green.
Cherat Packaging Limited (CPPL +3.85 per cent) notified the exchange that it has recently installed and commissioned the Roto Gravure and Flexographic printers, laminators and certain ancillary equipment. The company has acquired extrusion and cylinder making machines and other related equipment and it is expected to commence operation by August 2018.
To round-up, the week opened with negative sentiments as investors awaited the result of Financial Action Task Force (FATF). The indices were positive during three sessions and investors acted neutrally when the final decision of FATF was announced.
