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KSE 100-index falters on 32,000pts rally, losing 0.31% to close at 31344pts

KARACHI: The Karachi Stock Exchange 100-index lost 97.75 points to settle at 31344.07  points and volume of 9,856,868,839  shares on last day of trading, Friday.

Selling pressure persisted in oil stocks in the back of deterioration in global crude prices, denting Pakistan Oil fields (-2.67 percent) and Oil and Gas Development Company Limited (OGDCL) (-2.15 percent). On the contrary, strong anticipation over discount rate cut in the upcoming monetary policy due today, brought cements and textile into limelight recovering from day’s low to close in green namely Lucky Cement (+2.09 percent), DG Khan Cement (+1.32 percent) and Nishat Mills (+2.84 percent).

Earlier, benchmark KSE 100-index lost 94.65 points or 0.30 per cent to reach 31347.17 points on the last trading day. The bullish spree broke yesterday when KSE closed losing 187.38 points or 0.59% to settle at 31441.82 points.

On Thursday, the Karachi Stock Exchange opened at the overnight closing of 31,629 points and continued the spree, adding to the joys of investors and brokers. The market appeared buoyant and steady, reflecting its resolve to cross the new highs. However, later market lost its early day gains and shed 187.38 points till end of trading day on Thursday.

As a whole 31.03 per cent of companies witnessed increase in their shares while 29.72 per cent lost their share value and 2.30 per cent companies remained stable.

High and Low were 31496.19 and 31293.79 respectively. Total volume traded in the market was 9,856,868,839  shares.