December 2, 2022 (MLN): The benchmark KSE-100 experienced a bearish trend on Friday as profit-taking was witnessed during market hours. However, stocks closed under pressure on investor concerns about the weak economic outlook.
As a result, the KSE-100 index loses 243.42 points (0.57%), to close at 42,150.10 points.
Arif Habib Commodities, Chief Executive Officer Ahsan Mehanti said that the downward trend of market is attributed to high CPI inflation at 23.8% for November 2022, and falling foreign exchange reserves.
He further added, the IMF conditions to release the next tranche pending the 9th review played a catalyst role in the bearish close.
The benchmark KSE-100 index made an intraday high of 42,471.19 and an intraday low of 42,471.19 during the day.
By the session’s end, the total volumes of the KSE-100 index stood at 59.43mn shares, increased by 5.77% DoD from 56mn shares traded on Thursday.
Shares of 89 companies were traded on Friday, of which 15 recorded a fall, 70 registered an increase, whereas four remains unchanged.
In terms of sectors, most of the negative contributors were cement, food, and technology which negatively contributed 169.51 points. On the flip side, the miscellaneous closed the session positively, gaining 28.65 points by the day’s end.
Meanwhile, the volume leaders on the benchmark index were TRG (10.69mn), PIBTL (5.64mn), UNITY (3.11mn), CNERGY (2.36mn), and LOTCHEM (2.18mn).
The stocks that emerged as net losers during the day included: RMPL (4.80%), ABOT (2.62%), LUCK (2.35%), MARI (0.59%), and MUREB (2.30%). On the other hand, the scrips which gained the most during the session included NESTLE (0.36%), PSEL (7.50%), SRVI (2.32%), ENGRO (0.63%), and BNWM (5.48%).
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