Optimism at PSX proves short-lived as KSE-100 ends Friday with 108-point drop

• Benchmark KSE-100 index closes the week at 44,477.24 with a decline of 0.24%.
• Volumes decreased from 296.03 million shares to 176.1 million shares.
• Investors kept a close watch on the ongoing virtual IMF review for the $6 billion loan programme.

KARACHI: The Pakistan Stock Exchange (PSX) concluded the week on a negative note as the benchmark KSE-100 index shed over 100 points in Friday’s session.

Overall, a dull session was witnessed at the bourse today as the ongoing virtual International Monetary Fund review for the $6-billion loan programme kept investors on the sidelines.

Investors kept a close watch on political news after the government decided to continue to avail the services of Shaukat Tarin as an adviser to the prime minister on finance after his tenure ends and till the time he becomes a senator.

The KSE-100 index opened on a positive note but recorded losses at regular intervals. The downtrend turned steeper after trading resumed after the prayer break as the index once again fell below the 44,500-point mark.

At close, the benchmark KSE-100 index recorded a decrease of 108.81 points or 0.24% to settle at 44,477.24.

A report from Topline Securities noted that range-bound activity was observed at the bourse today, as the index traded between an intra-day high and low of 84 points and 248 points to finally close the session at 44,477.

“Major contribution to the index came from Systems Limited, HBL, Colgate-Palmolive, BAHL and MCB, as they cumulatively contributed 108 points to the index, whereas Lucky Cement, Hubco, Fauji Fertilizer Company, Cherat Cement and TRG Pakistan lost value to weigh down on the index by 90 points,” it said.

Overall, volumes decreased from 296.03 million shares to 176.1 million shares (-40.5% day-on-day). Meanwhile, the traded value clocked in at $6.8 million against $10.5 million.

During the session, shares of 550 listed companies were traded. At the end of the session, 165 stocks closed in the green, 369 in the red, and 16 remained unchanged.

WorldCall Telecom was the volume leader with 18.5 million shares, losing Rs0.01 to close at Rs2.53. It was followed by Telecard Limited with 14.2 million shares, losing Rs0.59 to close at Rs18.67, and Silk Bank with 9.3 million shares, gaining Rs0.04 to close at Rs1.56.