Stock Market dips before closing of Week – The Pakistan Stock Exchange (PSX) closed the week on a negative note as the benchmark KSE 100-index shed 87 points on Friday to end at 41,911 points.Pakistan Stock market( PSX) kicked off positive, hitting a day’s high of +84 points, and then traded sideways, making a low of -248 points, to finally close in the red.
Yesterday’s major heavyweights namely (PPL) Pakistan Petroleum Limited (-1.1 percent), Oil and Gas Development Company (OGDC)(-0.2 percent), ENGRO corporation(-1.0 percent), United Bank Limited (UBL)(-0.2 percent), MCB (-0.8 percent), POL (-0.3 percent) and LUCK (-0.8 percent) cumulatively took away -78 points from the index.
Traded volumes increased by 4 percent DoD to 166m shares while value traded decreased to $50m. Volume leaders were KEL (+4.2 percent), PIBTL (+2.3 percent) and PAEL (+1.1 percent).
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Cements, energy and financials dragged the market down where LUCK (-0.8 percent), DGKC (-1.5 percent) and FCCL (-1.9 percent) closed in the red.
Mixed sentiment was seen in financials where (HBL) Habib Bank Limited (+1.0 percent) closed in the green on the flipside, united bank limited UBL (-0.2 percent) and MCB (-0.8 percent) closed in the red.
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Moving forward, it is expected market will remain green with flows from local and foreign institutions directing the market following the general elections 2018.