KARACHI - Stock market, which rose to highest-ever level the previous day (Thursday), fell sharply lower Friday on institutional profit taking in blue chip scrips. The 100-share index lost 155 points (0.39%) and closed at 39151.78 points.
Some consolidation and profit-taking was seen in market after reaching all-time high level, brokers said. Market opened on a positive note as index rallied to make an intra-day high of 114 points but came under selling pressure during the second half of the trading session, dealers said.
Profit-taking was seen in the fertilizer sector as the sector closed (1.1%) lower from its previous day close. Major laggards of the aforementioned sectors were EFERT (down 1.11%) and FFBL (1.78%). OGDC (down 1.32%), PPL (1.92%) and POL (0.41%) in the E&P sector remained under pressure during the trading session, as crude oil prices fell to trade below $45/bbl (WTI) level, observed analyst Nabeel Haroon at JS Global.
Volumes declined by 6% to 219 million shares while value also decreased by 23% to Rs 11.8b/$112m.
Profit taking was seen in those stocks which had the largest position in open interest for roll over like PAEL, ENGRO and TRG. PPL and DAWH contributed 58 points to the fall of index. Stocks declined by 2% and 2.8% respectively, stated dealers at Topline brokerage. Analysts expect the market will remain bullish on the market ahead of result season.