KARACHI:
The benchmark KSE-100 Index closed at 166,409.25 points on Friday, falling 784.19 points (-0.47%) DoD as investors booked profits after four straight sessions of gains. Trading volume stood at around 235 million shares.
After four consecutive sessions of gains, the market witnessed some profit-taking. Nevertheless, the index posted a strong weekly performance, gaining 2.5% WoW, recovering from levels near 161,000 to trade above 167,000 during the week, said Ahmed Sheraz at KASB KTrade.
The positive weekly momentum was largely supported by the SBP’s decision to limit the policy rate increase to just 50 basis points, keeping monetary tightening relatively contained. However, rising global oil prices remained a concern, with Brent crude gaining around 2.5% DoD to trade near $118 a barrel, adding to external account and inflationary pressures.
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Sector-wise, commercial banks, cements and refineries remained the major laggards. Among individual stocks, UBL, LUCK, HBL and FATIMA were among the notable negative contributors, weighing on the benchmark index.
Going forward, the market is likely to seek further direction next week, with upcoming United States midterm elections and geopolitical developments remaining key triggers. A stable regional environment and easing concerns could restore buying interest, while a further rise in oil prices or any geopolitical escalation over the weekend may keep sentiment under pressure.
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