KARACHI: The stock market ended the lacklustre week in the red amid muted activity and investor confidence and the lack of any credible political or economic triggers.
The benchmark KSE 100 index at the Pakistan Stock Exchange declined by 232.43 points (-0.68 percent) and closed at 40,249.22 points. The indices shot up till 40,527.08 points to regain the level it lost earlier this week, but muted investor response failed to retain the upward trajectory.
The total volume of shares dropped significantly to 58.477 million valued at Rs3.021 billion. The lower bench KSE 30 index also lost 123.71 points (-0.66) and closed at 18,597.97 points. The total volume of scripts was only 39.816 million which shows the lack of investor confidence.
The top active stocks were MLCF (1.28%), Kapco (1.36%), FFL (2.33%), Unity (-1.11%), DGKC (0.37%), followed by Hascol (-0.31%), ASC (4.42%), BOP (-1.44%), AGL (8.04%) and Fauji Cement (-1.79%).
The stock market had a muted session for the second day in a row as market participants remain cautious over capital outflows, financial risks, and economic uncertainty keeping them away from the stock market.
The market was also awaiting the outcome of the Financial Action Task Force (FATF) review of Pakistan over an action plan against money laundering and terror financing. Reports emerged that Pakistan was retained in the grey list and was given more time until October 2020 to further comply with the action plan as this did not have a profound effect on the stock market.
It has been a topsy-turvy week for the stock market as it shifted between red and green zone. There was a bullish run on Wednesday as investors regained control of the stock market. The upward trend was not retained as investors dumped stock over profit-taking ending the week on a downward note.
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