Staff Reporter
Karachi
Investor sentiment turned bearish at the Pakistan Stock Exchange on Friday as market participants took a cue from a plunge in global oil prices coupled with a lack of clarity over the US presidential election. Resultantly, the benchmark KSE-100 index shed 340 points and closed below the 41,000-point mark. The correction was due following frequent rallies over the past few sessions.
Index-heavy automobile, cement, financial, fertiliser and oil sectors endured selling pressure and closed with significant losses.
Earlier, trading began on a positive note, however, volatility emerged shortly afterwards, which dragged the index down. First session of the day ended with a loss of 154 points.
In the second session again, trading kicked off on an encouraging note but the lack of positive triggers and widespread uncertainty erased the gains and inflated the losses.
At close, the benchmark KSE-100 index recorded a decrease of 339.69 points, or 0.83%, to settle at 40,731.61 points.
Profit-taking was noted at the bourse where Unity Foods (+2.7%), Hascol Petroleum (-0.1%), TRG Pakistan (+7.3%), Power Cement (+4.5%) and Pakistan Refinery (-2.1%) were the major volume contributors with a cumulative 161 million shares changing hands.
