KARACHI: The stock market remained choppy on Friday as investors were undecided if they should carry the positions over the weekend or book profit at current levels. The KSE-100 index closed flattish with slight slip of 28.41 points at 33,870.15.

The activity turned brisk in the second session with index taking a deep plunge to intraday low by 231 points, as details of the Financial Action Task Force decision threw investors in a state of uncertainty.

The Paris-based watchdog mentioned that Pakistan had largely addressed five of the 27 action items but expressed serious concerns with the overall lack of progress. It cautioned the country to swiftly complete its full action plan by February 2020 to stave off the blacklist.

On the political front, the crisis deepened as the chief of Jamiat Ulema-i-Islam Maulana Fazlur Rehman turned down government’s offer for negotiations and declared that the party’s decision regarding the Oct 31 march on Islamabad was irreversible.

The volume declined 17pc to 115 million shares, from 137.9m while traded value on the contrary increased by 30pc to $31.3m. Stocks that contributed significantly included Lotte Chemical, Engro Fertiliser, Bank of Punjab, TRG Pakistan and Unity Foods which formed 38pc of total turnover.

Sectors contributing to the dim performance included banks, decreasing by 52 points, tobacco 37 points, chemical 13 points and autos 12 points. Fertilisers, on the other hand, did well adding 104 points to the index.

Among banks major laggards were Habib and United while in the exploration and production, Oil and Gas Development Company (OGDC) declined while Pakistan Oilfield managed some gains.

Scrip-wise top gainers were Engro Corporation, up 2.87pc, Engro Fertilisers 4.44pc, Nestle 4.33pc and Fauji Fertilser 0.72pc. On the flip side, stocks that lost values included Habib Bank, down 1.82pc, Pakistan 4.13pc, OGDC 1.15pc, Indus Motor 4.10pc and Philip Morris Pakistan 5pc.

Published in Dawn, October 19th, 2019