Market watch: KSE-100 ends futures rollover week in red | Daily Updates

Karachi stock market - Daily updates

Karachi stock market fell to red again in Friday’s range-related trading, losing 100 points on Friday, in line with the performance of most current futures rotation weeks.

The market started trading on a positive note and moved north till the afternoon break. However, after the market rebounded, the Bears returned and the index fell to 213 points from 274 points on its high day.

The decision of the Financial Action Task Force (FATF) to include Pakistan in the gray list till June 2021 depends on the sentiment of investors.

The market continued to look for direction throughout the day. Due to the upcoming Senatorial election and the FATF verdict, a dark political situation has taken hold in the minds of shareholders.

Sales of shares were monitored at all levels. The announcement of daytime financial results scores failed to persuade market participants to change direction.

The KSE-100 benchmark fell 100.61 points, or 0.22 per cent, to 16,865.02.

According to a report by Arif Habib Ltd, the stock market has been volatile between -213 points and +274 points. He finished the session in red.

FATF’s decision to maintain Pakistan’s standards until June 2021 has been well received by investors.

Profits were seen in almost all sectors, including technology, cement and textile stocks, while oil and gas trading companies faced aggressive sales, especially in Pakistan. State Oil has been facing investor anger since the announcement of financial results.

Shares of the cement sector rose earlier on the back of a healthy sales forecast for the current month, however, the stock’s last profit margins were lower than the closing price. Since yesterday, prices have risen moderately, with the exception of Lucky Cement.

Read More: Market watch: KSE-100 extends losses, falls 161 points | Daily Updates

Exploration and construction (-56 points), technology (-33 points), chemicals (-31 points), automotive (-24 points), oil and gas are the areas that have contributed to the performance. Gas (-20 points), Concrete (+48 points).

Individually, Lucky Cement (+57 points), HBL (+34 points), Sear (+21 points), Fuji Fertilizer (+18 points) and Asgard Nine (+16 points) contributed well to the index.

Oil and Gas Development Company (-54 points), TRG Pakistan (-45 points), Colgate-Palmolive (-30 points), Nishat Mills (-16 points) and NBP (-13 points) were the top gainers.

Global trade reached 480 million shares, up from 469 million on Thursday. Shares traded up by Rs 25.7 billion during the day.

Shares of 417 companies were traded. At the end of the day, 144 shares rose, 257 fell and 16 remained unchanged.

Unity Foods, which has 45.4 million shares, lost Rs 1.57 to close at Rs 31.38. Telecard Ltd, which owns 36.7 million shares, closed 0.03 higher at Rs 7.91, while TRG Pakistan closed 33.2 million shares lower at Rs 4.18 and 142.06.

According to figures released by the National Clearing Company of Pakistan, foreign institutional investors bought shares worth Rs 91.1 million during the trading session.

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