Stocks on Friday closed lower amid consolidation in blue chip scrips post major earning announcements at KSE. The benchmark KSE-I00 Index shed 105.18 points or 0.3pc to close at 33,263.66 points.

Trade remained thin despite rising sales data in oil, autos, cement and fertilizer sectors for Jul-Feb’15. Late session institutional interest in leveraged blue chips scrips in cement, fertilizer and energy sectors on speculations ahead of SBP Key Policy Rate announcement this month supported the index to close above session lows, observed analyst Ahsan Mehanti.

Due to decline of 2.5pc in index heavy weight MCB Karachi market closed in negative. Investors sold MCB after news of exclusion of the stock from FTSE by end of March. MCB decline contributed 60 points in index fall of 0.32pc.

Overall market decreased by 1.1pc during the week due to selling in last 4 days of the week of $15m from local mutual funds and $4m foreign funds. PSO rallied 1.3pc as February oil sales grew by 18pc from previous month which increased expectations of better earnings this quarter. Car assemblers INDU and PSMC increased amid expectations of improved car sales during February and depreciation of JPY against USD. Expected announcement of cut in benchmark rate in upcoming monetary policy will be the trigger, commented Samar Iqbal VP at Topline brokerage.

Volumes slightly declined to Rs8.3b/ $83m compared to Rs9b/ $91m yesterday.

Cement sector posted slight recovery as CHCC, DGKC, FCCL and MLCF all closed up 2.8pc, 2.1pc, 3.0pc, and 1.1pc respectively. AVN closed down by 3.3pc as the company announced its 2014 earnings of Rs4.57/share (down 17pc YoY). Treet Corporation gained 1.0pc as the company plans Rs539m capital boosting perpetual Sukuk, stated analyst Muhammed Mobeen.

Weekend report of JS Global said, the sentiments were jittery at the local bourse during the outgoing week on concerns over SECP taking actions against key market participants for insider trading. SECP has launched a major enforcement drive, where insider trading has been declared a criminal offence under the Draft Securities Act. As a result the benchmark KSE-100 index closed down by 1.1pc WoW at 33,264 ignoring lower-than-expected CPI inflation reading of 3.24pc YoY for Feb-2015. Trading volumes averaged 0.7pc WoW higher at 173m shares/day, while net foreign selling clocked in at US$4.4mn. Cement sector remained in the limelight over strong Feb-2015 domestic dispatches and hopes of monetary easing.