Stocks end week flat amid volatility

KSE-100 index gains 29.11pts to close week at 37,607.62pts

KARACHI: Recovering losses made in the first half of the day the Pakistan Stock Exchange (PSX) on Friday, closed the last session of the week flat gaining just 29.41 points and ending the week at 37,607.62 points.

Losing 319.04 points the KSE-100 index touched its intraday low of 37,259.17 points. The index then recovered its losses and touched its intraday high of 37,863.30 points.

The benchmark KSE-100 index gained 0.74 per cent on a Week on Week (WoW) basis.

Equity markets around the world also saw a negative trend on Friday.

The KMI-30 index declined by 0.89 per cent or 541.26 points to close at 59,947.61 points on Friday. The KSE All Share index ended the week at 26,719.32 points with a loss of 43.24 points.

Overall trading volumes slumped from 379.28 million shares to 266.40 million shares.

Unity Foods Limited (UNITY +0.71%), K-Electric Limited (KEL -1.85%) and Fauji Fertilizer Bin Qasim Limited (FFBL +4.33%) were volume leaders of the day. The scrips had 21.64 million shares, 16.84 million shares and 15.83 million shares traded, respectively.

Sectors that added gains to the KSE100 index included the banking sector (249.10 points) and the investment banking sector (23.36 points).

While the oil and gas Exploration sector (60.22 points), cement sector (52.20 points) and power generation and distribution sector (40.06 points) were top negative contributors.

During the day, Habib Bank Limited (89.80 points), United Bank Limited (47.33 points) and MCB Bank Limited (26.90 points) were top contributors.

While Hub Power Company Limited (31.43 points), Lucky Cement Limited (28.23 points) and Oil and Gas Development Company Limited (22.91 points) depleted the most points.

Moreover, Byco Petroleum Pakistan Limited (1.68%), Pakistan Refinery Limited (5.53%), Attock Refinery Limited (2.98%) and National Refinery Limited (3.14%) all closed negative.

Meanwhile, the PSX announced eid holidays from Friday July 31, 2020 till Sunday August 2, 2020.

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