KARACHI: The stock market was on a sleepy place for yet another day on Friday as investors’ interest in trading was at low ebb.

The KSE-100 index drifted aimlessly in search of clear direction settling lower by marginal 20.31 points at 40,486.67 after touching the intra-day highs and lows of 139 and 146 points respectively.

The only positive news flow was of the great expectations from the week end visit of the Saudi Crown Prince and the signing of investment packages.

On the other hand, uncertainty looms over the International Monetary Fund (IMF) bailout package as staff-level negotiations continue amid government’s reluctance to accept stringent conditions.

Tensions ran high on the political front as the Indian government tried to pin the blame for attack in Indian-held Kashmir that killed at least 37 CRPF personnel on Pakistan. Besides threatening to give a “befitting reply”, India also revoked the Most Favoured Nation status for Pakistan. Another blow came from the European Commission which included Pakistan among its adopted new list of 23 countries with strategic deficiencies in their anti-money laundering and counter-terrorist financing frameworks.

Volumes plunged 25 per cent to 93 million shares on Friday from 124m shares that changed hands a day earlier. Traded value also declined by 25pc to reach $34m against $45m. Stocks that contributed significantly to the volumes included Lotte Chemical, Bank of Punjab, Soneri Bank Ltd, Siddiqsons Tin Plate Ltd and At-Tahur Ltd, accounting for 32pc of the total volumes.

Mixed sentiments were seen in fertilisers, banks and cements where Engro Corporation, D. G. Khan Cement, MCB Bank Ltd and United Bank Ltd (UBL) closed positive while Fauji Fertiliser Company (FFC), Lucky Cement (LUCK) and Habib Bank Ltd finished in the red. Major contribution to the 100 Index downside came from Pakistan State Oil down 2.51pc, Dawood Hercules 2.28pc, Hubco Power Company 0.96pc, FFC 1pc and LUCK 0.41pc taking away 79 points. On the flip side, UBL was up 2.13pc, Bank Alfalah 2.23pc and National Bank of Pakistan 1.65pc added 55 points.

Published in Dawn, February 16th, 2019