KSE-100 closes at 162,375 as PSX falls for fifth straight week

KARACHI: The Pakistan Stock Exchange (PSX) stayed bearish on Friday. The benchmark KSE-100 index closed at 162,375 points, down 1,550 points (0.95 per cent). According to The Express Tribune, geopolitical tension in the region, rising global oil prices and cautious investor sentiment put pressure on the market. Profit-taking was also seen amid growing tension between the United States and Iran and ahead of the State Bank’s monetary policy decision.

Over the week, the index fell by 4,045 points, or 2.47 per cent. It was the fifth straight week of decline. During the week, the index touched a high of 166,698 and a low of 162,292. On Monday, at the start of the week, it fell 454 points to 165,966. On Tuesday it lost 814 points to stand at 165,152. On Wednesday it rose 779 points to 165,931, while on Thursday it closed at 163,924 after a fall of 2,007 points.

According to Ali Najeeb, Deputy Head of Trading at Arif Habib Limited, the market swung both ways and investors settled their deals ahead of the weekend. The index touched an intraday high of 163,987, but renewed selling pressure pushed it to close below 163,000.

Meezan Bank, Engro Holdings, Lucky Cement, Hubco, PPL, MCB, Systems Limited, NBP, OGDC and HBL together took 985 points off the index. Of the stocks in the index, 26 gained and 73 lost. According to Topline, foreign investors sold shares worth Rs416.6 million.

Trading activity remained limited. According to a report in The Express Tribune, 384 million shares changed hands, with a total value of Rs18 billion. PASL was the most traded stock, with about 32.6 million shares.

The market is expected to swing between 160,000 and 168,000 points in the coming week. Attention will be on Monday’s announcement by the Monetary Policy Committee, when the market expects a 50 basis point increase in the interest rate. Arif Habib Limited’s technical analysis pointed to a possible further fall towards 160,000, with resistance near 166,000.