KARACHI: Profit-taking ahead of an eventful week-end pulled KSE-100 index down by 78.36 points on Fri­day, though the benchmark kept clinging to the 30,000 level at 30,015.80 points.

Investors thought it was wiser to play safe and opted to square their positions as uncertainty over the political situation and the SBP Monetary Policy prevailed.

On Friday, the foreign investors bought stocks worth $3.31 million. Foreigners provided major support to the market during the week, as FIPI clocked in at $13.2m.

Analysts at brokerage JS Global observed that with monetary policy due on Saturday, range bound activity was almost expected.

Samar Iqbal, AVP Equity sales reiterated that much of the market expected no change in the MPS.

Trading volume declined by 20 per cent to stand at 150m shares on Friday with the activity concentrated on low-valued shares. It was represented by the fact that all but one (NBP) among the 10-top traded stocks were priced below Rs30.

Weekly reports of brokerage houses indicated that the market remained dull during the week with the index marginally down by 30 points. KASB Research commented that investors were inclined to book profits for larger part of the week.

Lack of positive news flow amid floods and political impasse kept buyers and sellers on equal footing with average traded volumes rising 25.3pc WoW to 163.7m shares per day. AKD Securities in its week-end report observed that the news flow affecting the market included continued delays to IMF tranche release, US assurances that CSF would be released on time and Cabinet Committee on Privatisation approval of OGDC stake sale.

Sector-specific developments included the SC taking suo motu notice of drug pricing, urging swift approval to the new pricing policy.

Published in Dawn, September 20th, 2014