KARACHI: Stocks weakened further on Friday as the KSE-100 index declined by 119.65 points (0.35 per cent) to settle at 33,672.72.
Strong volatility was again witnessed on the last day of trading, where the index started with a big jump of 225 points but took the course southward in the second half.
Trading volume slipped to 151 million shares of Rs6.67 billion value.
Ahmed Saeed Khan at JS Global stated that investors booked profit in the first session and remained sidelined after the break.
Participation remained low as investors were confused on the eve of monetary policy.
“On the back of good dividend yields, oil sector remained upbeat despite the fall in global crude prices. Profit-taking was witnessed in the cement sector,” analyst said.
MLCF was down (2.98pc), DGKC (0.84pc) and ACPL (1.74pc). Analyst Ahsan Mehanti at Arif Habib Corp said: “Rising political noise, dismal exports data for July-Aug 2015 and weak global stocks and commodities played a catalyst role in institutional profit-taking.”
Over the week, the KSE100 index fell 218 points (0.64pc). The average daily value traded also decreased 26pc to $88m.
Foreign institutional flows turned negative in the week recording outflow of $7m against the inflow of $12.9m last week. “Taking cue from regional volatility and concerns over enforcement of stricter regulations, the market remained weak,” AKD weekly report said.
News flow affecting the broader market included: remittances for Aug 2015 clocked in at $1.52bn; Engro appointed financial advisers to provide strategic options for its 56.2pc owned chemicals business (EPCL).
On a week-on-week basis, lead gainers included: MCB (3.7pc), HBL (3.2pc), MEBL (2.3pc) and APL (2.1pc). Conversely, DAWH was down by 17.8pc, HMB 10.9pc, INDU 7.8pc and SHEL 7.3pc.