KARACHI: The Karachi Stock Exchange benchmark 100-index lost 120.38 points or 0.35 percent to reach 34026.59 points and volume of 138,096,620 shares on last day of trading week, Friday on news flow/rumours over central bank’s policy announcement with 100bps in our view more or less priced in.
The benchmark KSE-100 index till mid day trading on Friday extended the losing spree and further plummeted from 34111.13 early trading points to 34070.78 perhaps due to concerning over the likely discount rate cut by State Bank of Pakistan.
The volume was 59,245,840 shares. Till the afternoon, the Karachi Stock Exchange 100-index decreased 76.19 or 0.22% as the trading at local bourse remained under selling pressure mainly due to offloading in financials concerning. The index took a breather after posting six straight advances by shedding further points.
The benchmark KSE-100 index reversed the early trading gain and reached 34273.24 points after losing 56.26 points or 0.16 percent till the mid day trading
An expert said Pakistan equities closed negative on healthy turnover on a day that tested nerves. He added that “we see volatile market driven by newsflow/rumours over central bank’s policy announcement with 100bps in our view more or less priced in. Any surprise will lead to sharp moves early next week”.
The High and Low were 34194.93 and 34111.13 respectively while the total volume traded was 33978.30. The top three advancers were Shezan Inter. XDXB with price per share 1400.00 (31.00), Murree Bhanero Tex. with price per share of 534.95 (24.95) and Packages Ltd. share of 688.95 (19.95).
