Stocks lose 58 points in range-bound session

KARACHI: Reminiscent of yesterday, the Pakistan Stock Exchange (PSX) endured another volatile session on Friday, with the indices swaying both ways in search of a clear direction before closing in the red.

Global equity markets displayed a mixed performance, whereas crude oil prices inched lower from the previous close; WTI crude price falling 1.34pc to $52.85 while Brent crude price dropping 1.61pc to $55.51 (as at 4:46pm PST).

According to an Arif Habib Ltd report, “Selling activity was observed across the board today, but was more prominent in cement, banks and oil & gas marketing sectors. Engineering (steel) sector, on the other hand, performed well in relative terms mainly on the back of expectation of an increase in product prices.”

MARKET SUMMARY

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The benchmark KSE-100 Index moved within a narrow range today, registering its intraday high at 46,177.38 (+188.03 points) and low at 45,875.21 (-114.14 points). It finally settled lower by 58.35 points at 45,931.00.

Among other indices, the KMI-30 Index lost 272.94 points to end at 73,741.98, while the KSE All Share Index dropped 129.05 points, closing at 31,914.59.

The overall market volumes declined from 620.58 million shares in the previous session to 529.96 million shares (-15pc). Average traded value also declined by 10pc, from $123.6 million to $111.3 million. Hum Network Ltd (HUMNL 0.72pc), Power Cement Ltd (POWER 4.81pc) and Fauji Fertilizer Bin Qasim Ltd (FFBL -0.94pc) led the volume chart, exchanging 66.33 million, 45.25 million and 23.72 million shares, respectively.

Sectors that dragged the benchmark index lower included cement (-138.13 points), banking (-134.24 points) and fertilizer (-104.18 points). Among the companies, MCB Bank Ltd (MCB -119.09 points), Pakistan Tobacco Company Ltd (PAKT -89.90 points) and Habib Bank Ltd (HBL -69.63 points) dented the index the most.

Losing 1.02pc from its total market capitalization, the refinery sector ended as the session’s worst performer, with Pakistan Refinery Ltd (PRL 0.98pc), National Refinery Ltd (NRL 2.35pc) and Attock Refinery Ltd (ATRL 0.40pc) ending in the negative.

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