KARACHI: Stocks turned volatile in the last trading session of the week, with the benchmark 100-share index moving wildly in a band of 344 points. Nervous investors who suspected the market to be overbought decided to take profit at current levels. The KSE-100 index fell around 255 points, or 0.61pc, to close at 41,291.
“The Index succumbed to selling pressure after the Supreme Court adjourned the hearing on the Panamagate petition to Nov 1, further raising the political chaos,” analyst said.
Others also attributed the sluggish performance of the market to political uncertainty, while many more blamed retreating global crude prices, which triggered selling in exploration and production scrips that spilled over to other sectors. Market participants also believed that the onset of rollover week for futures contract from next week also pushed weak holders to reduce exposures.
The volume of shares traded on Friday stood at 530 million shares, down from 562m shares traded a day ago. Trading value also slipped to Rs16.4 billion from Rs18.7bn.
Major participation was once again prominent in second- and third-tier stocks with 23 scrips touching their upper circuits despite the market’s negative close.
The top 10 volume leaders, with TRG Pakistan in the lead, churned out volume of 266m shares, or half of the day’s total trade.