KARACHI: The two-day gaining spree came to an end on Friday when the KSE-100 index declined by 72.27 points (0.15 per cent) to close at 49,623.81.

The broader benchmark in the opening hours witnessed bullish momentum marking a peak of 198 points (0.40pc).

Investors were spooked by the possible outcome of the Panama Papers decision expected in the coming week.

Overall volumes remained flat at 392 million shares against 398m shares traded a day ago, while trading value also showed marginal change at Rs17.3 billion, compared to Rs17.7bn on Thursday.

Despite the index closing in red, 22 stocks closed ontheir upper circuit while only 5 scrips closed on their lower limit.Analyst at JS Global stated the volatility was witnessed at the bourse as theindex continuously juggled between positive and negative zone.Mixed sentiment was witnessed in the textiles sector where NML gained 2.84pcon the news that Nishat Group has recently entered into an agreement with Hyundai Motor Company to introduce electric and hybrid passenger cars to Pakistan by setting up an assembly plant.

Investors remained disinterested in the E&P sector, OGDC dropped 0.43pc and PPL 0.79pc were among major movers.

A senior equity analyst stated that major drag to the KSE-100 index came from ENGRO 1.19pc, ISL 3.50pc, DGKC 1.41pc, LUCK 0.67pc and FCCL 1.98pc, taking away 84 points.

From sector perspective financials dropped 0.54pc, utilities 0.44pc and consumer discretionary 0.20pc contributed most towards the rally in Friday session.

Tele com munic ation 1.29pc, health care 0.85pc and materials 0.73pc dragged the index down significantly.