PSX losses 48,000 points level in mundane trading session

KARACHI: The Pakistan Stock Exchange (PSX) plunged on Friday after a lacklustre trading session as it lost the 48,000 points level and ended the week on a negative note.

The KSE 100 index decline in the early trading session and witnessed a mundane trading session before it dropped. The bourse dropped 489.72 points (-1.02%) and ended the day on a negative trend.

The index lost the 48,000 points level as it reached its lowest point of 47,544.08 points and ended the trading session on a downslide. The volume of shares was 124.66 million valued at Rs7.884 billion.

Meanwhile, the lower-bench KSE 30 index closed at 19,100 after declining by 225.03 points (-1.32%). The total volume of shares was 51.163 million. The KMI 30 index declined by 1,094.36 (-1.40%) and closed at 76,966.66 points, while the All-Share Index increased 232.04 points (-0.71%) and closed at 32,542.43 points.

The most active stock was TPL Corp Ltd (TPL 7.02%) which saw 41.978 million shares traded at the stock market. This was followed by Pace Pakistan Ltd (PACE 4.10%), World Call Ltd (WTL -1.79%), Byco Petroleum (BYCO -1.09%) The total volume of scripts was 27.133 million, 25.782 million, and 17.767 million respectively.

A day ago, the bourse turned bullish after four days of decline and crossed the 48,000-point barrier as the KSE 100 index surged by over 805 points within a day.

The hike in steel, fertilizer and cement prices put the spotlight on the three sectors as share prices of leading companies increased. A drop in prices of vehicles after the withdrawal of federal excise duty improved the outlook for the auto sector and sparked a buying spree among investors. Meanwhile, a spike in international crude oil prices turned the local oil sector stocks attractive and a majority of them ended the day on a positive note.