KARACHI - Karachi Shares market closed lower on Friday, as market heavyweights in the energy sector were weighed down by falling oil prices.

The KSE 100-share index closed 212.58 points down or 0.63 percent to close at 33,530.30 points level.

Volatility was witnessed throughout the day’s trade as the market ended 213 points lower. Bears dominated the Oil & Gas sector as a slight decline in global oil prices (Brent and WTI) paved way for profit-takers, with OGDC, POL, PPL and PSO ending 2.3pc, 2.4pc, 2.6pc and 0.9pc lower.

Uncertainty over a discount rate cut led to mixed sentiment in the cement sector with FCCL, MLCF, LUCK ended 0.5pc, 0.6pc and 0.8pc lower while DGKC ended only marginally up by 0.14pc. The uncertainty over the discount rate cut has also caused banking sector to remain generally suppressed.

Automobile sector witnessed strong investor interest with ATLH, GHNL, HCAR and INDU ending 2.5pc, 5pc, 3.5pc and 0.2pc higher on the back of expectation of positive upcoming results due to strong sales numbers.

BYCO, historically a loss-making entity, posted profits in its latest financial result which has translated into a positive run on the stock, ended 2.6pc higher, observed analyst Umair Hasan.

In spite of S&P raising outlook on Pakistan to positive from stable and Moody’s flagging Pakistan’s improving external liquidity position in its latest report, the equity markets failed to gain traction during the outgoing week, said JS Global weekly report.

This was largely due to one notch higher political uncertainty after the disqualification of the Railways Minster and news flows suggesting a tax-heavy upcoming Federal Budget. However, the Oil and Gas sector attracted investors’ interest on hydrocarbon discoveries and recovery in international crude oil prices.

Hence, the benchmark KSE-100 index closed 0.6pc WoW down at 33,530 with trading activity dropping by 26pc WoW to 187m shares/day.

However, foreigners remained net buyers worth $12m against net buying of $21m in the preceding week.