Market watch
\nBenchmark index decreases 0.06% to settle at 43,740.56
\nnews desk
\nKARACHI
\nThe stock market on Friday lost ground as there were more sellers than buyers and positive momentum petered out under the weight of uncertainties triggered by rising coronavirus cases coupled with India-Pakistan tensions.
\nUncertainty in international oil markets, in the wake of demand issues, took a toll on Pakistan\u2019s bourse and triggered sell-off in index-heavy sectors.
\nMoreover, the news of India planning to launch a \u201csurgical strike\u201d against Pakistan, revealed by Foreign Minister Shah Mehmood Qureshi during a press conference in Abu Dhabi, impacted the investment climate.
\nFollowing a brief open in the positive, the bourse turned bearish and investors resorted to divesting their holdings. The KSE-100 index staged a modest recovery during the second session with market participants acting to erase the losses.
\nNevertheless, the index succumbed to selling pressure and failed to continue the positive momentum. The index edged down nearly 30 points after recouping most of the midday losses.
\nAt close, the benchmark KSE-100 index recorded a decrease of 26.13 points, or 0.06%, to settle at 43,740.56 points.
\nArif Habib Limited, in its report, stated that the market traded in a range of 300 points, touching intraday high and low of 188 points and 128 points respectively. \u201cThe index, however, virtually touched the 44,000 level during intraday trading.\u201d
\nInvestors were perturbed about the upcoming short rollover week, which brought selling pressure, it said. \u201cMoreover, investors had to face a fresh threat as highlighted by the foreign minister during a press conference, relayed in the last hour of trading.\u201d
\nThe report added that the investors, in general, resorted to profit-booking rather than carrying positions over the weekend. Key stocks of banks, exploration and production, oil and gas marketing companies helped the index stay afloat.
\nTowards the end, the index recorded brisk activity in the steel sector that improved price performance of underlying stocks.
\nSectors contributing to the performance included oil and gas marketing companies (+21 points), auto (+14 points), banks (+14 points), fertiliser (-42 points) and cement (-26 points).
\nIndividually, stocks that contributed positively to the index included Pakistan State Oil (+28 points), Thal Limited (+15 points), Azgard Nine (+14 points), HBL (+10 points) and NBP (+9 points).
\nStocks that contributed negatively were Engro Corporation (-34 points), Pakistan Petroleum (-11 points), Hubco (-10 points), Kohinoor Textile Mills (-7 points) and Kohat Cement (-7 points).
\nOverall, trading volumes fell to 482.6 million shares compared with Thursday\u2019s tally of 497.6 million. The value of shares traded during the day was Rs23.7 billion.
\nShares of 405 companies were traded. At the end of the day, 187 stocks closed higher, 200 declined and 18 remained unchanged.
\nPakistan Refinery was the volume leader with 38.1 million shares, losing Rs0.94 to close at Rs21.61. It was followed by Fauji Foods with 31.5 million shares, gaining Rs0.33 to close at Rs17.51 and K-Electric with 28.6 million shares, gaining Rs0.03 to close at Rs3.88.
\nForeign institutional investors were net sellers of Rs461.6 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.<\/p>\n","protected":false},"excerpt":{"rendered":"
Market watch Benchmark index decreases 0.06% to settle at 43,740.56 news desk KARACHI The stock market on Friday lost ground as there were more sellers than buyers and positive momentum petered out under the weight of uncertainties triggered by rising coronavirus cases coupled with India-Pakistan tensions. Uncertainty in international oil markets, in the wake of […]<\/p>\n","protected":false},"author":2,"featured_media":119001,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-162956","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n