PSX drops by 100 points to end week on downward trend

KARACHI: The Pakistan Stock Exchange (PSX) on Friday continued with the declining trend of the previous session and ended the weekend on a downward trend.

Indices traded within a narrow range throughout the day even global stocks saw a positive trend.  The KSE 100 index has declined by 3.38 percent on week-on-week basis.

The benchmark KSE 100 recorded its intraday high of 33,699.92 after gaining 160.07 points. The bourse lost control and slid to its intraday low of 33,369.91 after declining by 169.94 points. The index settled lower by 100.91 points at 33,438.94.

The lower KSE 30 index also dropped by 21.85 (-0.15%) and closed at 14,439.46 points. The total volume of scripts traded at the bourse were 28.998 million. The KMI 30 index depreciated by 330.93 points ending at 53,002.05, while the KSE All Share index declined by 53.01 points ending at 24,072.22.

Out of total scripts exchanged 80 advanced and 185 declined. The overall market volumes were recorded at 105.89 million shares worth Rs 3.33 billion.

K-Electric Limited (KEL -2.41%), Unity Foods Limited (UNITY -0.69%) and Bank AlFalah Limited (BAFL +2.39%) were volume leaders of the day. The scripts had 9.13 million shares, 7.25 million shares and 5.76 million shares traded respectively.

The sectors bringing the KSE 100 index lower included investment banking sector (-25.13 points), cement sector (-23.76 points) and fertilizer sector (-21.02 points).

Company-wise, Dawood Hercules Corporation (DAWH -24.59 points), United Bank (UBL -17.45 points) and Lucky Cement (LUCK -16.42 points) chipped most points from the index.

The pharmaceutical sector lost 1.05 percent from its total market capitalisation. The Searle Company (SEARL -2.00%), GlaxoSmithKline (GSCKH -2.23%) and AGP Limited (AGP -2.24%) all closed negative.

The stock market has been traded on a downward trend for much of the week ever since the federal government introduced the budget 2020-21 which showed a dismal picture of the economy.