KARACHI: The KSE-100 index closed sharply lower on Friday, shedding 1,778.46 points, or 1.03 per cent, to settle at 171,115.82 against the previous close of 172,894.28.
The index touched an intraday high of 172,287.46 and a low of 170,393.12 during the session. The market declined amid cautious activity by the investors, as geopolitical tensions rose in the Middle East.
The KSE-30 index fell 641.56 points, or 1.23 per cent, to close at 51,478.54.Muhammad Hasan Ather, an analyst at JS Global, said the KSE-100 Index came under pressure. Market sentiment stayed cautious as investors await the IMF Executive Board’s review of the $1.2 billion funding tranche, while escalating Middle East tensions and rising oil prices further weighed on confidence.
Profit-taking was observed in heavyweight banking and energy stocks. “Despite today’s decline, the medium-term outlook remains constructive; however, investors should remain cautious as a sustained spike in oil prices or prolonged regional instability could keep the index volatile near current psychological resistance levels,” he said.
Volumes in the ready market came in at 1.025 billion shares, up 3.88 per cent from the prior session’s 986.97 million shares. Traded value declined sharply to Rs36.67 billion from Rs52.71 billion, a fall of 30.43 per cent. Market capitalisation eased to Rs18.903 trillion from Rs19.047 trillion, down 0.75 per cent.
Market breadth was negative, with 210 companies advancing, 243 declining and 34 finishing unchanged out of 487 traded.Among the top gainers, PIA Holding Company Limited rose Rs1,751.73 to close at Rs19,269.06, while Unilever Pakistan Foods Limited gained Rs480.17 to end at Rs26,600. On the losing side, Rafhan Maize Products Company Limited shed Rs41.76 to close at Rs9,430.72, while Abbott Laboratories (Pakistan) Limited declined Rs26.35 to Rs891.67.
Nabeel Haroon, vice president international equity sales at Topline Securities, said the stock market witnessed a bearish session as tensions escalated overnight between the US and Iran near the Strait of Hormuz, raising concerns over the stability of the fragile ceasefire and prospects for a lasting peace agreement. Amid the heightened geopolitical uncertainty, the KSE-100 Index fell 1.0 per cent.
Top negative contributions to the index came from UBL, ENGROH, MEBL, PPL, MARI and OGDC, as they cumulatively contributed 834 points to the index. Traded value-wise MLCF ($6.3 million), OGDC ($5.9 million), DGKC ($4.8 million), KEL ($4.2 million) and PPL ($4.1 million) dominated the trading activity.
K-Electric Ltd. led turnover with 144.42 million shares, gaining 20 paisas to close at Rs8.12. Hascol Petroleum followed with 100.75 million shares, rising Rs1.31 to close at Rs24.56. The remaining eight companies in the turnover leaders were Cnergyico PK, Telecard Limited, Pak Int. Bulk, BO Punjab, Clover Pakistan, WorldCall Telecom, Unity Foods Ltd and Pace (Pak) Ltd.In the futures market, 324 contracts were traded, with 88 recording increases, 232 decreases and 4 unchanged.
