KARACHI: The stock market remained volatile on Friday as the KSE-100 index declined by 181 points (0.37 per cent) to close at 49,300.

The market was directionless as investors weighed the option of booking profit or keeping positions ahead of a long weekend.

In the second session, the index succumbed to selling pressure as institutional investors trimmed their portfolios. However, in the final hour after hitting the intraday low of 244 points it recovered slightly.

The uncertainty on the political front kept investors in check, while additional pressure came from the culmination of rollover week for futures deliverable contacts.

The volume dipped to 290 million shares from 399m shares a day ago. The traded value increased to Rs16.1 billion from Rs14.8bn. Analysts at Intermarket Securities noted that the major contribution to downside came from PPL which lost 3.64pc, OGDC 2.49pc, ENGRO 1.67pc, PSO 2.13pc and FFC 1.43pc taking away 185 points.

HBL gained 1.56pc, PAEL 3.07pc and Nestle 2.06pc contributing 89 points.

From the sector perspective, energy dropped 1.30pc, health care 0.67pc and materials 0.61pc.

Ahsan Mehanti at Arif Habib Corp stated that the stocks closed bearish on pressure in oil stocks amid falling global crude prices. Institutional support remained in selected auto, banking and cement stocks on strong quarter-end earnings announcements.

“Political uncertainty, weak global equities and foreign outflows played a catalyst role in bearish close,” Mr Mehanti noted.

CSAP in the steel sector lost value to close on its lower circuit as the company declared its result for 9MFY17 posting earnings per share at Rs11.28, a decline of 8.35pc year-on-year. The results were accompanied by dividend at Rs1.50 per share.

HASCOL garnered investor interest as the company posted eps of Rs3.12 for 1Q2017, up 86pc YoY.

In the textile sector NCL fell 3.19pc as it failed to create an excitement in spite of posting 83pc increase its eps at Rs5.83 year-on-year.

Published in Dawn, April 29th, 2017