Benchmark index loses 131.86 points to close at 43,363.21. PHOTO: FILE
KARACHI: The stock market closed in the red on Friday as institutional investors failed to come to its rescue.
Moreover, planned FTSE rebalancing on Monday also triggered massive selling in the stocks that would be excluded from the list, which further dented the index.
At close, the benchmark KSE 100-share Index recorded a decrease of 131.86 points or 0.30% to settle at 43,363.21.
JS Research analyst Maaz Mulla said the KSE-100 Index experienced pressure and lost 132 points to 43,363 as anticipation of FTSE semi-annual rebalancing affected trading volumes.
Volumes shrank 12% to 193 million shares while traded value increased to $61 million. Major contribution to total market volumes came from Pak Elektron (+1.7%), Lotte Chemical (-1.4%) and Nimir Resins (-0.6%) that accounted for trading in 43 million shares out of 193 million shares for the All-Share Index.
Major heavyweights namely MCB Bank (-0.2%), Engro (-1.4%), Lucky Cement (-1.2%), Millat Tractors (-3.3%) and United Bank Limited (-1%) dragged the market down by 87 points.
Banking stocks remained under pressure as heavyweights such as United Bank (-1%), Habib Bank (-0.3%), MCB Bank (-0.2%) and National Bank (-0.5%) cumulatively contributed -33 points to the index.
Selling pressure was witnessed in the cement sector as well as Lucky Cement (-1.2%), DG Khan Cement (-1.4%), Maple Leaf Cement (-1.7%) and Cherat Cement (-0.7%) fell.
The oil and gas exploration and production sector stood positive on the back of increase in crude oil prices in the international market. Pakistan Oilfields (+0.6%) and Oil and Gas Development Company (+0.7%) were major gainers of the sector.
“Moving forward, we expect the market to depict a similar trend and recommend investors to see any upside as an opportunity to sell,” he added.
Overall, shares of 363 companies were traded. At the end of the day, 132 stocks closed higher, 219 declined while 12 remained unchanged. The value of shares traded during the day was Rs6.6 billion.
Pak Elektron was the volume leader with 16.4 million shares, gaining Rs0.78 to close at Rs46.54. It was followed by Lotte Chemical with 13.28 million shares, losing Rs0.14 to close at Rs10.01 and Nimir Resins with 13.22 million shares, losing Rs0.06 to close at Rs10.14.
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