KSE-100 closes lower as late-session selling wipes out earlier gains

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KARACHI: Pakistan Stock Exchange's benchmark KSE-100 Index Friday resumed trading on higher note, adding more than 500 points in intra-day trade before late-session selling erased gains and pushed index into negative territory.
At close, benchmark index settled at 78,045.31, marginally lower by 60.67 points or 0.08 percent. "KSE-100 Index largely traded in positive during day, however some pressure was observed at latter hours of trade as investors came in to book their gains," brokerage house Topline Securities said in its post-market report.Major positive contribution to index came from UPFL, HPL, PECO, ISIL and NESTLE, as they cumulatively contributed 534 points to index. On other hand SAPT, EXIDE, KHYT, SAZEW and RCML lost value to weigh down on index by 330 points, Topline said. Cement and power sectors contributed positive during day while E&Ps, banks, autos, fertiliser, technology, OMCs and pharma sectors closed in red. Volume on all-share index increased to 600.72 million from 591.06 million session ago. Value of shares rose to Rs 21.07 billion from Rs 20.10 billion in previous session. Kohinoor Spinning was volume leader with 109.5 million shares, followed by Yousuf Weaving with 70.1 million shares and P.T.C.L with 21.23 million shares. Shares of 440 companies were traded on Friday, of which 170 registered an increase, 220 recorded fall while 50 remained unchanged.