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KARACHI: Stocks fell on Friday ending the five-day gaining streak. The KSE-100 index tanked 517.35 points (1.47 per cent) and closed at 34,611.23.
The local market followed the global equity markets’ lead where the US and regional bourses saw their indices tumble in the range of 4-7pc. International crude prices further declined which put the exploration and production stocks under pressure.
Other disconcerting matters that occupied the investors’ mind was the uncertainty over the Federal Budget 2020-21 which was to be announced in the afternoon and the rapid growth in coronavirus cases.
Investors decided to take profit and the institutional selling wiped out almost all the gains made in the last five sessions. Banking stocks fell all round with the top three - Habib, United and MCB - finishing in deep red. Textile sector showed some interest in anticipation of relief and incentives in the budget.
The volume declined 34pc to 177.9 million shares, from 270.6m while traded value also declined by 27pc to reach $38.4m as against $52.6m.
Sectors contributing to the performance included banks, lower by 180 points, exploration and production 122 points, power 35 points, fertiliser 30 points and technology 22 points.
Major scrips that dragged the index down included Engro Corporation, decreasing by 1pc, Habib Bank 2.8pc, Oil and Gas Development Company 3pc, Hub Power 1.9pc, MCB 2.9pc, Lucky Cement 0.9pc, Pakistan Petroleum 3.2pc and United Bank 2.5pc.
Published in Dawn, June 13th, 2020
