Market took a negative turn on Friday, influenced by a host of factors including problems in macro-economic indicators, political disturbance, profit-taking, and concerns regarding redemptions from mutual funds, dealers said.

An analyst at Topline Securities said market appears to be consolidating around current levels with healthy participation.

“Meanwhile, WTI crude oil has broken $64/bbl (intraday), taking it to levels not seen since December 2014. This will offer an upside trigger for E&Ps going forward,� the brokerage said.

Pakistan Stock Exchange (PSX) benchmark KSE-100 shares index shed 1.06 percent or 461.56 points to close at 42,933.72 points. KSE-30 shares index shed 1.05 percent or 229.19 points to close at 21,671.01 points. As many as 368 scrips were active of which 80 advanced, 276 declined and 12 remained unchanged.

The ready market volumes stood at 238.67 million shares as compared with the turnover of 319.45 million shares a day earlier.

Analyst Ahsan Mehanti at Arif Habib Corp said bearish activity was witnessed in scrips across the board on concerns over surging domestic debt. “Widening trade deficit and ongoing political noise played a catalytic role in the bearish close at the PSX.�

Automobile sector remained under pressure as sales for December declined 9.0 percent. “Sales declined mainly on account …read more

Source:: The News International – Business

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