KARACHI: The stock market witnessed range-bound activity on the last trading day of the week with the KSE-100 index down by 54.27 points (0.11 per cent) to close at 49,008.

The benchmark index hit an intraday high by 212 points and low by 121 points before closing in the red.

The market looked for direction in the face of uncertainties over the Panamagate case verdict announcement, the stringent regulations by the SECP, deterioration in security situation and investors under pressure due to the last day of futures contracts rollover week. Most investors decided to take profit as they were unwilling to hold positions with the weekend ahead.

Market direction was set by the corporate results announcements. Bank Alfalah closed on its lower circuit after it announced financial results with no dividend against market expectations of Rs2 per share cash payout.

Nishat Chunian Power Ltd closed at its lower circuit as the company skipped the interim dividend along with its financial results for first half of financial year.

Pakistan National Shipping Corporation also closed at its lower limit due to disappointing results.

Bank Alfalah down 4.98pc, MCB Bank 1.35pc, Dawood Hercules 2.01pc, Pakistan Oilfields Ltd 1.76pc and Oil and Gas Develop­ment Company 0.87pc taking away 110 points.

Nestle rose 5pc, Engro 1.56pc, Sui Northern Gas Pipe­­li­nes 5pc, Mari Petro­leum 3.53pc and Habib Metropolitan Bank 4.19pc adding 118 points to the index.

“The E&P sector, barring Mari Petroleum, dragged the index down by 57 points as companies tracked declining international oil prices,” said a dealer at Global Securities.

Published in Dawn, February 25th, 2017