KARACHI: The stock market underwent a relentless battering in the last trading session of the week on Friday as the benchmark index dropped to a record low for the year.
Undermined by endless political drama and concern over the mounting trade deficit as well as persistently falling foreign reserves, the KSE-100 index dropped from the word go. It plunged almost 750 points and hit an intra-day low of 39,478.05 points.
Market watch: Index hits one-year low in intra-day trading
However, as trading began after the midday break, the index posted a decent recovery with investors coming forward to pick stocks at attractive valuations. Despite this change in trend, the index finished deeply in the red.
At close, the benchmark KSE 100-share Index registered a decline of 390.75 points or 0.97% to finish at 39,846.78 points.
Overall, trading volumes rose to 153 million shares compared with Thursday’s tally of 137 million.
Market watch: Losing streak continues in volatile stock trading
Shares of 382 companies were traded. At the end of the day, 88 stocks closed higher, 282 declined while 12 remained unchanged. The value of shares traded during the day was Rs7.1 billion.
K-Electric was the volume leader with 13.4 million shares, losing Rs0.14 to close at Rs6.16. It was followed by Maple Leaf Cement with 8.1 million shares, losing Rs3.24 to close at Rs66.31 and TRG Pakistan with 7.9 million shares, losing Rs0.84 to close at Rs32.50.
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Source: Tribune News | Market watch: Stocks hit the lowest for 2017, fall below 40,000
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