Stocks retreat 364 points on profit-taking.
KARACHI -- Share prices bounced within a short range on Friday as investors kept waiting for the confirmation of a staff-level agreement between the government and the International Monetary Fund for the $7 billion loan's revival.
Arif Habib Ltd said investors chose to book profits in the post-Friday prayer session, which resulted in the representative index of top 100 shares hitting an intraday low of 423.28 points.
The main reasons for the slide in share prices were rising political tension and uncertainty on the economic front. Finance Minister Ishaq Dar's statement on the IMF's alleged demand for abandoning the long-range nuclear missile programme also hurt investors' sentiments.
As a result, the KSE-100 index settled at 41,329.95 points, down 364.14 points or 0.87 per cent from the preceding session.
The overall trading volume decreased 26.5pc to 172.6 million shares. The traded value went down 7.7pc to $28.47m on a day-on-day basis.
Stocks contributing significantly to the traded volume included Habib Bank Ltd (9.1m shares), Hascol Petroleum Ltd (9.1m shares), Pakistan International Bulk Terminal Ltd (8.3m shares), WorldCall Telecom Ltd (7.2m shares) and Fauji Foods Ltd...
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