RECORDER REPORT

KARACHI: Equities stayed in the negative zone Friday with the KSE-100 index shedding another 356 points to close at 31,464points.

The volatile benchmark index moved both ways and hit the intraday high and low of 31,913 points and 31,389 points, respectively.

Trading turnover ended higher at 122 million shares valuing up to Rs 7.08 billion at the day’s close. Of the 337 scrips traded, only 75 could settled in green while 239 lost their worth and that of 23 remained unchanged.

With foreign portfolio investment finally landing in the positive territory marking net buying of $ 97,857, the market capital accumulated to Rs 6.65 trillion. Fauji Cement led the volume with 8 million shares. Other most-traded issues were JSCL, TRG Pakistan, SNGPL, SSGC, NBP, DG Khan Cement, Byco Petroleum, OGDC and Pak Elektron.

Futures trade saw 18.4 million contracts changing hands compared to 16.9 million of Thursday.

“Bearish trend continued amid major fall in global equities and slump in crude oil prices,” Ahsan Mehanti of Arif Habib Corp said.

Security unrest in the city, concerns over foreign outflows, falling exports data and slip in crude prices near to $27 a barrel played a catalytic role in the bearish close in the earnings season, he said.

“Continuous foreign outflows of $17 million in last 4 sessions and uncertainty in international oil prices led to decline in index,” said Hammad Aman, Manager of Equity at Topline Securities.