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Fifth successive fall takes index below 31,000 mark

Fifth successive fall takes index below 31,000 mark

KARACHI: Stocks drifted lower for the fifth consecutive session on Monday, which marked the first day of the future rollover week. The benchmark KSE-100 index fell 334.09 points (1.08 per cent) to close at 30,677.68.

In the last five sessions the index suffered cumulative loss of 1,250 points.

Investors were surprised by the PSX bearish performance on Monday for it was quite in contrast with the major regional markets, most of which closed in the green.

Traded volume rose 22pc to 133.3 million shares while value decreased by 6pc to Rs5.4 billion.

The only comforting news for the investors arrived after the close of market as the NCCPL data showed buying by foreign investors at $2.53m, reducing the year-to-date foreign selling to $79.90m.

Lucky Cement (down 3.88pc) lost value on announ­cement of 1HFY16 results, which were thought to be slightly below expectations.

Apart from LUCK, which eroded 44 points from the KSE-100 index, major decliners of the day were PSO (3.56pc), SEARL (5.00pc) and FFC (1.05pc) with a cumulative loss of 60 points.

NBP (1.95pc) continued its upward trajectory on the back of better-than-expected results.

During the course of the session, cement, auto, textile, multi-utilities and pharmaceutical sectors witnessed the brunt of selling pressure. Meanwhile, major support to the index came from MCB and NBP contributing 36 points with no support from any particular sector in general.

Investors offloaded stocks of pharmaceutical companies as they were uncertain about the sustainability of recent drug price increase. Ferozsons Lab and Searle Company dropped 5pc while Abbott Laboratories declined 2pc.

Courtesy : Dawn News



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