LAHORE – The KSE 100-share index of Pakistan Stock Exchange on Friday gained to make an intra-day high of +172 points during the initial hours of the day. However, on account of political noise and foreign selling, the index plummeted to close 261 points below Thursday’s closing, at 43,595 points.
Market also witnessed sluggish volumes in yesterday’s trading session, totaling to 165 million shares. DCL (+0.87 percent) from the cement sector led the market in terms of volumes with 14 million shares changing hands. Major laggards were HUBC (-2.34 percent), SNGP (-3.96 percent), and LUCK (-1.02 percent) as they cumulatively wiped away 74 points from the index. On the flipside, HBL (+0.70 percent), SSGC (+4.17 percent) and UBL (+0.44 percent) cumulatively contributed +35 points to the index.
On the economic front, trade deficit in April-2018 clocked in down 3 percent YoY (exports up 19 percent YoY, imports up 3 percent YoY), while trade deficit was up 14 percent YoY in 10MFY18 to $30.245b (exports up 14 percent YoY, imports up 14 percent YoY). On sector-wise front, cement sector came under pressure where CHCC (-1.08 percent), FCCL (-1.10 percent), LUCK (-1.02 percent) and DGKC (-0.80 percent) lost value to close in the red zone . Moving forward, Experts expect the market to exhibit volatility in the coming sessions due to overall political ambiguities and lack of positive triggers in the market.