KARACHI: Bearish trend continued on Friday as the Pakistan Stock Exchange (PSX) benchmark KSE-100 index dived 1.13%, shedding 356.38 per cent to 31,464.16.
The market had 224 decliners to 75 advancers. The PSX traced down footsteps of regional markets where Hang Seng dropped 4% in first five minutes of trading and Nikkei 226 closed 5% lower.
Sell off was sparked by comments of the US Federal Reserve chair acknowledging the US faced risks from tightening domestic financial conditions and global economic turmoil. Crude oil remained volatile having fallen to a low of 12 years but managed to recover later.
The market volumes improved from last session’s 112.991 million to 121.683 million. The cement sector with 17.559 million shares traded was volume leader. Bloodshed was witnessed across the sector where none of the 22 scripts managed to record any gains. Cherat Cement Company Limited (CHCC) was major loser shedding 4.22%. The company announced results for half year ended December 2015. Earnings per share for the half quarter clocked at Rs 3.83 dropping 6% against the per share earnings of Rs 4.41.
An interim cash dividend of Rs 1.00 was declared. Other top players of the sector ended with a loss of, Lucky Cement Limited (LUCK) 2.48%, Dera Gahzi Khan Cement Company Limited (DGKC) 1.59% and Attock Cement Pakistan Limited (ACPL) 2.46%.
The technology and communications sector was next on the volume table with TRG Pakistan Limited (TRG -3.11%) on top. Similar to majority of other sectors, the sector was drenched in red with Avanceon Limited (AVN) down 2.78% and NetSol Technologies Limited (NETSOL) down 1.35%.