The highest increase was recorded in Nestle Pakistan Limited, which rose by Rs200 to Rs8,400 per share
Stocks fell on Friday as investors fretted over the prospect of a delay in the general elections, which are slated for Feb. 8, after the Senate passed a resolution seeking postponement on security grounds, dealers said.
The Pakistan Stock Exchange's (PSX) benchmark KSE 100-share Index shed 124.26 points or 0.19 percent to close at 64,514.90 points after rising as much as 0.7 percent earlier in the day. The KSE-30 index also fell 92.39 points or 0.43 percent to close at 21,545.04 points.
The index pared some losses in the last hour of trading as traders realised the resolution was non-binding and passed with a thin attendance.
Analyst Ahsan Mehantiat Arif Habib Corp, said the stocks closed under pressure after Senate passes resolution seeking delays to Feb 8 elections, "likely to impact IMF talks and political stability".
"Political uncertainty and concerns for financial losses of ailing SOEs played a catalytic role in the bearish close."
Traded shares surged by 401 million shares to 949.559 million shares from 548.989 million shares. The trading value increased to Rs19.355 billion from Rs15.395 billion. Market capital expanded to Rs9.373 trillion against Rs9.361 trillion. Out of 362 companies active in the session, 161 closed in green, 187 in red and 14 remained unchanged.
Analyst Nabeel Haroon at Topline Securities said the benchmark index largely traded in a positive zone during the first half of the trading session, however, the pressure was observed in the second half of the trading session on account of news that the Senate has passed a resolution for the delay in the election due to security concerns and index fell to make an intraday low of 881 points.
"However, some recovery was observed in the eleventh hour as investors weighed in on the fact that the resolution was passed with thin attendance and it is a non-binding resolution."
Major positive contributions to the index came from KEL, SRVI, SEARL, HBL and SHEL, as they cumulatively contributed 112 points to the index. On the flip side FFC, ENGRO, PSEL, BAHL and PAKT lost value to weigh down on the index by -143 points.
The highest increase was recorded in Nestle Pakistan Limited, which rose by Rs200 to Rs8,400 per share, followed by Sapphire Fibres Limited, which increased by Rs110 to Rs1,800 per share. A significant decline was noted in Unilever Pakistan Foods Limited, which fell by Rs150 to Rs22,100 per share, followed by Pakistan Services Limited, which closed lower by Rs54.90 to Rs955.10 per share.
Analyst Muhammad Shuja Qureshi at JS Research, said the panic selling on election-related news turned the sentiment negative. However, selective stocks managed to close with good gains. “For the second consecutive day, HCAR, PSMC and SAZEW closed at their upper circuit,” he added.
K-Electric Ltd. remained the volume leader with 481.119 million shares which closed higher by 47 paisas to Rs6.12 per share. WorldCall Telecom followed it with 33.379 million shares, which closed lower by one paisa to Rs1.47 per share.
Other significant turnover stocks included B.O. Punjab, Cnergyico PK, PTCL, The Searle Company, Fauji Foods Ltd, Pak Int. Bulk, Pak Refinery and PIAC(A). A total of 312 companies recorded future shares, of which 84 increased, 225 decreased and 3 remained unchanged.