LAHORE: Bears took control of Pakistan Stock Exchange (PSX) as it closed the last day of the week in negative, after three consecutive sessions of recovery. Foreign investors were net sellers for the first four trading sessions from Monday through Thursday with a net outflow of $22.78 million.
The KSE 100 index appreciated by 2.37 per cent from last week. The index touched an intraday low of 41,162.84 and finally settled at 41,224.75 after losing 573.84 points. While the KMI 30 index was down by 1.42 per cent. The index ended the day at 68,889.46. The KSE All share index saw a decline of 323.63 points and was recorded at 29,947.01 as the day ended.
The market volume saw a decline of 34.06 per cent from the previous session and was recorded at 222.25 million. The Bank of Punjab (BOP -4.88 per cent) was the market leader of the day. The script had 20.91 million shares traded which was followed by Lotte Chemical Pakistan Limited (LOTTE -0.31 per cent) with a volume of 18.92 million. K-Electric Limited (KEL 3.37 per cent) also managed to be between the top three market leaders with 14.10 million shares exchanged.
The Fertilizer sector lost 0.75 per cent from its cumulative market share. Fauji Fertilizer Company Limited (FFC) was down by 0.83 per cent, Fatima Fertilizer Company Limited (FATIMA) depreciated by 1.43 per cent and Engro Fertilizer Limited (EFERT) lost 0.75 per cent from its share price. Engro Corporation Limited (ENGRO) also ended the day in the red.
One noticeable company closing green in the predominantly negative market was Arif Habib Corporation Limited (AHCL) which was up by 3.85 per cent. Recently, an announcement regarding the divestment of 29 per cent shares of Elengy Terminal Pakistan Limited (ETPL) was made by the Engro Corporation Limited (ENGRO).
The Oil and Gas exploration sector chipped off 1.85 per cent from its total market capitalisation. Major player Oil and Gas Development Company Limited (OGDC) Mari Petroleum Company Limited (MARI) and Pakistan Oilfields Limited (POL) were down by 1.40 per cent,2.34 per cent and 2.45 per cent respectively.
Technically speaking, the KSE-100 index retraced gains from the previous session to close in red amid a decline in market activity. Next resistance is at 41,928 (50EMA) and 41,957 (10WEMA), meanwhile, immediate support is at 40,924 (20EMA).
big challenge ahead, dollar may will be touching 164