KSE-100 falls 784 points to 166,409 as four-day rally ends
The KSE-100 Index lost 784 points on Friday to close at 166,409, ending a four-session winning run. Investors booked profits, though the index still gained 2.5% over the week.
For information only, not investment advice. Prices change quickly: check the time and source of every figure.
- KSE-100 closed at 166,409.25 points on Friday, down 784.19 points or 0.47%.
- The fall ended a four-session winning streak as investors booked profits.
- The index recorded a weekly gain of 2.5%.
- About 235 million shares changed hands.
The Pakistan Stock Exchange ended the week lower on Friday. The benchmark KSE-100 Index fell 784.19 points, or 0.47%, to settle at 166,409.25 points, according to Minute Mirror. Daily Times also reported the loss of 784 points and the closing level of 166,409.
The decline ended a four-session winning streak. Minute Mirror reported that investors opted to book profits. Market analyst Ahmed Sheraz of KASB KTrade said the decline was mainly driven by profit-taking after four consecutive sessions of gains.
Trading was volatile through the day. Daily Times reported that the index gained 145 points in the opening session and moved past the 167,300-point mark, but the positive trend did not last and the early gains were reversed. Minute Mirror said the index crossed 167,000 points during trading.
Despite Friday's fall, the market ended the week higher. Minute Mirror reported an overall weekly increase of 2.5%, and said the index had recovered from levels around 161,000 points earlier in the week. Daily Times said the index had closed the previous business week at 167,193 points.
Activity was substantial. Daily Times reported that 235.53 million shares were traded, with turnover of about Rs13.09 billion; the total value of transactions was Rs13,094,166,444. Minute Mirror put the number of shares at roughly 235 million.
Commercial banks, cement manufacturers and refineries recorded notable losses, according to Minute Mirror. United Bank Limited, Lucky Cement, Habib Bank Limited and Fatima Fertilizer Company were among the biggest negative contributors to the index.
Minute Mirror also noted that the State Bank of Pakistan raised the policy rate by 50 basis points, and that Brent crude rose about 2.5% during the day to approach $118 per barrel. It said investors are expected to monitor the upcoming United States midterm elections and geopolitical conditions in the coming week.
Why it matters
Movements in the KSE-100 affect the pension funds and savings of Pakistani investors. Friday's fall trimmed gains but left the index higher over the week.
