Index-heavy banking and cement sectors saw some selling pressure on Friday as the benchmark KSE-100 Index lost over 350 points during the final trading session of the week.
At close, the benchmark KSE-100 Index settled at 81,292.13, a decrease of 365.83 points or 0.45%.
On Thursday, an initial buying spree also made way for selling pressure as investors took stock of Pakistan’s economic condition despite the International Monetary Fund (IMF) approving Pakistan’s 37-month Extended Fund Facility (EFF) of about $7 billion.
Investors are likely to consolidate gains before assuming fresh positions as the market incorporates latest inflation readings and projections of a rate cut in upcoming monetary policy announcements.
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Globally, Europe’s STOXX 600 rose 0.2% to a record high of 526.72 points on Friday, eclipsing late August’s all-time peak.
The index has risen 2.4% this week, its biggest weekly jump in six weeks, as global stocks have rallied on the prospect of earlier rate cuts from the Federal Reserve and European Central Bank, as well as China’s plans for large-scale stimulus to boost growth.
Source: Brecorder
