Peshawar attack leaves Pakistan stocks in red
Pakistan stocks extended losses on Friday, as terrorist attack in Peshawar and fears of brokers’ investigation dented the market sentiment, making the index close the week in deep red.
The Karachi Stock Exchange (KSE)-100 index lost 391.12 points to close at 32,760.95 points as compared to 33,152.07 of the previous session. The KSE-30 Index shed 371.12 points and closed at 19,705.62 points against 20,076.74 points of the last closing.
“Pakistan equities tumbled to close below 33,000 on last day of the week with late selling in the index names that dragged the benchmark KSE-100 index to settle near 33,750. The stocks opened sideways after Thursday’s decline as US Federal Reserve held the rates steady on global economy concerns, while morning news of militants attack on Pakistan Air Force base also rattled the investors confidence,” said Elixir Securities’ analyst Faisal Bilwani.Bilwani sees range bound trading next week with turnover likely to remain on lower side ahead of long Eid holidays.
Habib Metropolitan Financial Services’ analyst Muhammad Sultan said the market continued its unabated volatility. “The activity was concentrated in penny plays. The much awaited US fed’s decision, which opted in favour of keeping rates unchanged, failed to cast a spell of positivity on the dreary bourse. Concerns regarding investigations and probe into corruption scams on part of leading political/business stalwarts kept an already palpable crowd on the edge,” he added.Sultan expects the current wave of turbulence to extend into the next few days and advises caution to avoid any potential dents.
The market volume decreased to 123.552 million shares traded as compared to 182.831 million shares traded in the previous session. Trading value at the local bourse fell to Rs 5.774 billion against Rs 9.115 billion of the previous session. Out of 341 scrips, 79 scrips advanced, 242 scrips declined while the value of 20 scrips remained unchanged. The KMI-30 index declined by 650.08 points to close at 54,610.75 points as compared to 55,260.83 points of the previous session.
The KSE all-share index went 240.66 points down to close at 22,981.40 points as compared to 23,222.06 points of the previous session. Byco Petroleum was the volume leader in the market with 15.381 million shares as it closed at Rs 24.32 followed by K-Electric Limited with trading of 7.813 million shares and closed at Rs 7.20. TRG Pak ltd traded 6.008 million shares and closed at Rs 30.62.