KSE-100 drops 26 points

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Staff Reporter

Karachi

The stock market on Friday lost ground as there were more sellers than buyers and positive momentum petered out under the weight of uncertainties. Uncertainty in international oil markets, in the wake of demand issues, took a toll on Pakistan’s bourse and triggered sell-off in index-heavy sectors. Following a brief open in the positive, the bourse turned bearish and investors resorted to divesting their holdings. The KSE-100 index staged a modest recovery during the second session with market participants acting to erase the losses. Nevertheless, the index succumbed to selling pressure and failed to continue the positive momentum. The index edged down nearly 30 points after recouping most of the midday losses. At close, the benchmark KSE-100 index recorded a decrease of 26.13 points, or 0.06%, to settle at 43,740.56 points. Towards the end, the index recorded brisk activity in the steel sector that improved price performance of underlying stocks. Sectors contributing to the performance included oil and gas marketing companies (+21 points), auto (+14 points), banks (+14 points), fertiliser (-42 points) and cement (-26 points).