Karachi - Institutional profit-taking halted upwards journey of Pakistan Stock Exchange on Friday. The benchmark 100-share index lost 133 points and closed at 41,841.56 points.

Market witnessed profit-taking on the back of uncertainty in the global political situation ahead of an expected close US election. E&P sector remained under pressure on the back of decline in crude oil prices. Crude oil prices plummeted to five-week low, below $45, in the international market. POL (down 0.88%) and OGDC (0.17%) were the major laggards of the aforementioned sector.

Moreover, profit taking was witnessed in the cement sector due to surge in international coal prices. KOHC (down 1.03%) and PIOC (0.61%) were the major laggards of the aforementioned sector, stated analyst Arhum Ghous.

Traded volume deceased to 451m shares compared to 529m shares of the previous day, while traded value also declined to Rs15.2b/$145m.

BOP emerged volume leader with 79m shares. Sui South Gas with 21m shares and Dewan Cement with 20m shares stood at second and third positions respectively in the session. Dealers are of the view as the US elections will be a key theme to follow next week and will keep investors nervous. Defensive plays with high div yields should be the natural choice while the banking sector should be accumulated on weakness as interest rates can potentially take a U turn as inflation picks up.