KARACHI: (HRNW) The Pakistan stocks witnessed a range-bound trading on Friday, as investors remained concerned over the rising Covid-19 cases and decline in the rupee value against the dollar, dealers said.
An analyst at Arif Habib Limited said the market traded in a narrow range. “Further slippage of [the] rupee in [the] interbank market prompted investors to adopt cautious approach towards cement, steel, fertiliser and refinery stocks, which have exposure to declining rupee parity on the cost of production.”
Meanwhile, the positive impact of weakening currency had a positive bearing on technology, textiles and E&P sectors, which fared well.
The Pakistan Stock Exchange KSE-100 shares index shed 0.17 per cent, or 80.19 points, to close at 47,793.07 points. The KSE-30 shares index shed 0.17 per cent, or 31.94 points, to close at 19,161.24 points.
As many as 417 scrips were active, of which 160 advanced, 237 declined and 20 remained unchanged. The ready market volumes stood at 314.16 million shares, compared with the turnover of 320.97 million shares in the last trading session.
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