Four-day losing streak pushes index below 39,000
KARACHI: Stocks accelerated decline on Friday with investors showing lack of trading interest as the volume turned out to be month’s low at 74 million shares. The KSE-100 index sank 343.87 points (0.88 per cent) and closed at 38,950.23.
Lack of triggers, economic malaise and delay in International Monetary Fund package kept investors’ buying in check. Traders also had an eye on the geopolitical situation, though they were somewhat relieved by the tone-down in hostilities and Saudi Arabia’s assurance to Pakistan of its complete support in seeking peaceful settlement of all outstanding disputes with India.
The index slumped to intraday low by 427 points as investors reduced positions ahead of the weekend. Selective buying in the second session saw it recover lightly due to net buying of $1.41m worth stocks by banks and development financials. Other institutional and foreign investors generally remained on the sidelines. Risk-averse individuals opted to book profit which pushed the market to close in red.
The volume was scarcely noticeable at 74m shares, down from 83m a day earlier. WorldCall Telecom, Bank of Punjab and Pakistan Stock Exchange stocks were the leaders with cumulative 34pc of the day’s turnover.