Stocks at Pakistan's Karachi Stock Exchange (KSE), after positive weekdays, ended the week on bearish note as the main index failed to sustain the 7,500 levels here on Friday.
As it was the last trading session of the week, profit-booking and technical correction was expected, which was exactly the case Friday as the market, right from the start, paid visits to both red as well as green zones after regular intervals, hitting the intraday highest level at 7,573.04 points owing to active investor participation in the buying activities during the early hours, but in the latter half of the session, investors opted for selling stance that invited a bearish pressure at the Exchange, forcing the main index to touch the lowest level of the day at 7,452.86 levels.
It is pertinent to mention here that market experts were signaling at a technical correction towards the end of the week following a huge bullish rally during the weekdays.
The benchmark KSE 100-Index lost 27.06 points to close at 7,471.28 levels, the KSE 30-Index shed 7.24 points to rest at 7,993.29, whereas the KSE All Share Index declined by 19.63 points to settle at 5,326.29 levels here.
Market volumes showed positive activity but registered lower figures of 181,544,340 shares, which are 14,402,420 shares less as compared to turnovers of 195,946,760 on Thursday.
On the active issues' chart, a total of 287 scrips remained active during the course of the day, out of which, value of 97 equities increased, 159 declined, whereas prices of 31 stocks remained unchanged.
DG Khan Cement was the top volume leader of the day with 23,337,900 turnovers, followed by Jahangir Siddiqui Company Limited and Lucky Cement with 19,297,200 and 14,447,000 volumes respectively.
Fazal Textile Limited came out as the top price gainer of the day as its price surged by 9.00 Pakistan rupees to close at 385.00,followed by Exide Pakistan that increased by 7.78 to end at 168.37rupees, whereas Attock Refinery Limited gained 6.79 to finish the trading week at 144.36.
On the flip side, UniLever Pakistan Limited proved to be the top decliner of the day as its price dropped 18.56 to rest at 1,956.44 rupees, followed by Attock Petroleum that dipped by 11.06 to close at 336.15, while National Refinery slid by 6.78 to curtail trading proceedings at 227.02 rupees. (1 U.S. dollar equals 80.95 rupees)
Source: Xinhua
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