KARACHI: After a positive open, the index remained mostly in the red with investors exercising caution on the final day of the week.
At close, the Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.78% or 234.62 points to end at 29,705.65.
“The biggest volume churner has been Nishat Chunian Limited (NCL PA -5%) closing at a lower lock after it posted disappointing results,” said Sibtain Mustafa of Elixir Securities.
“Engro Foods (PA -5%) also closed on its lower price limit after the company announced its exit from its Canada-based meat business. The resultant move will result in a loss per share of Rs0.62. The overall volume remained on the lower side with select buying in leading and second-tier stocks.
“We expect a pullback rally led by banks and cements in the coming week, like NML, DGKC, UBL, AKBL, PPL and OGDC,” Mustafa said.
Meanwhile, Fahad M Ali of JS Global said the market was expected to remain jittery for the next couple of sessions and may test the 29,200-29,300-point level.
“Investors should remain cautious and wait for the market to correct before building any further position,” Ali recommended.
Trade volumes slightly rose to 160 million shares compared to Thursday’s tally of 154 million.
Shares of 415 companies were traded on the last trading session of the week. Of these, 232 companies declined, 163 closed higher while 20 remained unchanged. The value of shares traded during the day was Rs7.8 billion.
Nishat Chunian was the volume leader with 8.0 million shares, losing Rs0.67 to close at Rs6.34. It was followed by Lafarge with 6.17 million shares, gaining Rs0.64 to close at Rs7.16 and the Telelcard Limited with 5.9 million shares, gaining Rs0.43 to close at Rs4.
Foreign institutional investors were net sellers of Rs121 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan Limited.