KARACHI - Activity was dull at the shares market on Friday as investors remained apprehensive of further foreign selling. Investors also preferred to trim their positions ahead of long weekend before Eid (religious festival).

The KSE-100 Index declined by 34.84 points in today’s session to close at 35112.29 points or 0.10pc. Volatility was witnessed in today’s session as the index juggled between the red and the green zones, with an intraday high of 225 points. The index finally closed down 35 points at 35,112 level with volumes of 316m shares. As the global oil prices slightly recover the E&P sector posted gains, Hascol hit its upper circuit within the first hour of trading, similarly PSO, POL and PPL all ended 0.7pc, 0.6pc and 0.3pc higher.

Growing deposit growths and increasing T-bill yields kept the banking sector upbeat, closing the big five mostly in green, commented analyst Ahmed Saeed Khan.

Traded volume decreased by 13pc to 316m shares, while traded value declined by 26pc to Rs10.8b/ $105m.

Major gainer during the session in KSE-100 index was Luck, Engro and UBL which gained 0.73pc, 0.55pc and 0.95pc respectively, while major loser were MLCF, PIBTL and KEL which declined 2.63pc, 4.87pc and 1.70pc respectively. Major activity was seen in KEL, PACE, TPL and BYCO with volumes of 21m shares, 19m shares, 16m shares and 13m shares respectively.

In its weekly report JS Global stated the week started off on a positive note with the benchmark KSE-100 index making a fresh high of 35,538. However, political uncertainty and sell-off in oil stocks amid falling international oil prices (at 3-month low) wiped-off early gains. Hence, the KSE-100 index closed the week down 1pc WoW at 35,112 with average trading volumes improving by 6pc WoW to 378m shares/day. Foreigners remained net sellers worth $22.4m during the week, with crisis in Greece potentially playing on their minds.

That said, cement sector continued to outperform others on strong June 2015 dispatches, while insurance stocks (+4pc WoW) also attracted investors’ interest during the week.