Market watch: KSE-100 loses 105 points in range bound trading.

KARACHI -- After posting gains for three consecutive sessions, the KSE-100 index lost ground on Friday and closed with a decline of 105 points in range bound trading.

A host of corporate financial results were released during the day, which heavily influenced direction of the market.

In the morning, trading kicked off on a positive note and the index managed to cross the 33,900-point mark multiple times in the first session before closing with a gain of nearly 130 points.

The second session saw the emergence of selling pressure as the index dived into the negative zone, which erased all the gains made earlier in the day. Investors resorted to profit-booking in automobile and fertiliser stocks.

At close, the benchmark KSE 100-share Index recorded a decrease of 105.02 points, or 0.31%, to settle at 33,657.46.

Arif Habib Limited in its report stated Friday's session proved to be important considering the announcement of a host of key financial results including that of Oil and Gas Development Company, DG Khan Cement, Meezan Bank, Pak Suzuki Motor Company, Fauji Fertiliser Bin Qasim and GlaxoSmithKline Consumer Healthcare.

'In general, the market reacted positively to the spate of financial news, although DG Khan Cement's result could have changed the positivity into negativity due to a heavy loss in the bottom line,' it said.

'Instead, investors bet against the tide and DG Khan Cement traded in the positive zone, especially at the close.'

Overall trading volumes remained healthy at 170 million shares, mainly contributed by the transport sector (36.7 million) and followed by the technology sector (35.7 million) and chemical sector (15.8 million).

Among individual stocks, Pakistan International Bulk Terminal led the table with trading in 35.6 million shares, followed by WorldCall Telecom (24.3 million) and Lotte Chemical (11.1 million), the report added.

JS Global analyst Danish Ladhani said equities closed the week on a negative note as the KSE-100 shed 105 points and closed at 33,657.

'The market remained range bound while pressure is expected to continue in the short run due to concerns over the Azadi March,' he said.

The financial sector remained the major laggard where HBL...