November 18, 2022 (MLN): The benchmark KSE-100 Index closed in the red zone on Friday, losing 89.48 points (0.21%) to settle at 42,730.24.
While speaking to MG global news, Arif Habib Commodities, Chief Executive Officer Ahsan Mehanti said, stocks closed bearish as investors weigh delayed Pak- IMF talks on 9th review under EFF and dismal data on textile group exports falling by 15.2pc in Oct’22.
He further said reports of the petroleum division’s circular debt management plan were disapproved by the finance ministry, and the slump in global stocks and crude oil prices played a catalyst role in the bearish close.
“Markets are likely to remain volatile on account of IMF talks postponement and rupee instability”, He added.
The benchmark KSE-100 index made an intraday low of 42,600.99 and an intraday high of 42,819.72 during the day.
By the session’s end, the total volumes of the KSE-100 index stood at 108mn shares, increased by 33.23% from 72.21mn shares traded on Thursday.
Shares of 89 companies were traded on Friday, of which 47 recorded a fall, 37 registered an increase, whereas five remain unchanged.
In terms of sectors, most of the negative contributors were technology, commercial banks, and oil & gas exploration which negatively contributed 79.26 points. On the flip side, the glass and ceramics closed the session positive, gaining 14.28 points by the day’s end.
Meanwhile, the volume leaders on the benchmark index were UNITY (58.8mn), FCCL (6.04mn), KEL (3.87mn), TRG (3.57mn), and FABL (3.19mn).
The stocks that emerged as net losers during the day included: PSEL (4.40%), MTL (0.71%), MARI (0.27%), TRG (2.43%), and SRVI (1.00%). On the other hand, the scrips which gained the most during the session included APL (3.13%), INDU (0.78%), THALL (2.63%), CEPB (7.50%), and POL (0.71%).
