KSE-100 closes at 167,089 points on Friday amid subdued trading activity and mixed sectoral performance
A stock broker reacts while monitoring the market on the electronic board displaying share prices during trading session at the Pakistan Stock Exchange, in Karachi on July 3, 2023. Photo: Reuters/ File
KARACHI:
The KSE-100 Index fell over 350 points to close near 167,090 on Friday amid subdued trading activity and mixed sectoral performance, as local political uncertainty and geopolitical risks continued to weigh on investor sentiment.
Market volumes remained low at 110 million shares, while easing oil prices offered some relief after the previous session’s sharp sell-off.
The benchmark index closed at 167,089 points, down 352 points (-0.21% DoD), amid mixed performance and exceptionally dull trading activity. Volumes remained subdued at just 110mn shares, reflecting cautious investor participation ahead of the weekend.
Following yesterday’s sharp selling pressure amid a more than 5% surge in oil prices, sentiment improved slightly overnight after Donald Trump’s comments suggested limited prospects of further escalation before the US midterm elections, said Ahmed Sheraz, Head of Support Trading at KASB KTrade. Brent crude eased from near $106/bbl to around $102-103/bbl before trading between $103-104/bbl during market hours.
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However, local political uncertainty and persistent geopolitical risks, particularly tensions involving the Houthis and the Red Sea, continued to weigh on sentiment. Sectoral contributions remained mixed, with commercial banks, cement and technology stocks facing pressure. HBL, UBL, MCB and OGDC were among the major banking stocks under pressure, while CNERGY, KEL, and PIBTL featured among the volume leaders.
Going forward, the market is likely to remain range-bound and volatile, with participation subdued until greater clarity emerges on Pakistan’s political situation and the evolving geopolitical landscape. Oil price movements will remain a key driver of near-term sentiment.
