KARACHI: Investors continued to take profit for the second day on Friday as nervousness overwhelmed them on the eve of the federal budget announcement. The KSE-100 index plunged 232.14 points (0.44 per cent) and closed at 52,636.87.

Trading session started on a positive note, but the index soon succumbed to selling pressure mainly in the heavyweights from the banking sector that had amassed substantial gains following the announcement of the inclusion date of June 1 in the MSCI Emerging Market Index.

Intermarket Securities pointed out that major contribution to downside came from were HBL, which fell 2.05pc, MCB 1.83pc and UBL 1.06pc, taking away 208pts

“Oil companies also closed in the red zone on decline in international oil prices due to lower than expected output cuts by the OPEC producers on Thursday”, said analysts at JS Global.

OGDC dropped 1.48pc, POL 2.10pc, and PPL 1.61pc from the sector lost values. Refinery sector went against the trend where gainers were ATRL 2.55pc, PRL 1.42pc and NRL 0.75pc. Cements sector endured selling pressure. As a result, LUCK fell 0.94pc, DGKC 0.76pc and others closed in the red. Market participants said that the end of roll-over week also impacted investor sentiments.

Friday factor lived up to expectations and dragged participation down to the trading value of Rs21 billion from Rs24bn worth shares traded a day earlier.

Volume increased slightly to 432 million shares from 409m shares the previous day as the activity remained concentrated mainly in small-cap shares. Power Cement (right share) trading at lower than Rs3 per share led the volume leaders list with change of hands in 77m shares.

On the flip side, ISL rose 3.36pc, Nestle 2pc and PSMC 4.86pc, added 55 points.

From the sector perspective energy dropped 1.23pc, real estate 1.18pc and financials 0.39pc, contributing towards a weak close.

Published in Dawn, May 27th, 2017