KARACHI: Market remained range bound on Friday, closing slightly in the red by 26.13 points at 43,740.45. As the KSE-100 index traded between the intra-day low by 128 points and intra-day high by 189 points, in the latter case, there was a short cry of joy as the index climbed so stop just short of the 44,000 level.

The buying enthusiasm subsided in the later part of the day as the investors’ concerns surfaced on the shortened up-coming week (market to remain closed on Dec 25).

It also would be the roll-over week. The index also succumbed to selling pressure in the face of fresh threat from belligerent neighbour, highlighted by Foreign Office press conference.

It forced investors to act on the side of caution and liquidate positions rather than carry it over the week-end. Analysts said that the key stocks in banks, exploration & production and oil & gas marketing companies helped the index stay afloat.

Foreign investors sold shares valued at $2.88 million. Individuals and brokers also reduced positions but banks, insurance companies and mutual funds purchased stocks in varying amounts. Traded volumes declined three per cent over the previous day to 482.6m shares while the traded value increased by 5pc to reach $148.2m.

Oil and gas marketing companies, automobiles and banks were chief contributors to the market upside which was countered by fertilisers and cements.

JS Global Analyst Danish Lakhani said the greater pressure came in the second half on back of FTSE re-balancing which took place on Friday. Heavy participation was witnessed in the banking sector where the National Bank of Pakistan, Meezan Bank Ltd, United Bank Ltd and Habib Bank Ltd were major movers. Steel sector also enjoyed the upward trend where International Steel Ltd, Aisha Steel Ltd, International Industries Ltd and Crescent Steel and Allied Products gained to close in the green zone.

Activity was witnessed in the Pakistan State Oil which closed with substantial gains over the earlier day’s closing.

Published in Dawn, December 19th, 2020