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Stocks finish weekend session on bearish note

Stocks finish weekend session on bearish note

KARACHI: Stock market remained under selling pressure for the third consecutive day with the KSE-100 index closing at a loss of 41.40 points (0.13 per cent) at 32,669.16.

The benchmark made an intraday low of 32,525, but in the second-half it pulled back from the lows as 32,500-level provided strong support.

The losing trend was in contrast to regional markets, which were mostly in the green zone due to recovery in oil prices.

Volumes fell by 14pc to 116m shares and trading value declined to Rs5.7bn. Foreign investors were noticeable sellers of $4.23m worth stocks, taking the year-to-date outflow to $84.68m.

Among specific shares, HUBC (up 1.66pc) was the largest contributor towards the index with 40 points, followed by PPL (1.05pc) and BAHL (1.65pc) with contributions of 11 and 7 points, respectively.

Banks were under pressure with HBL (down 0.50pc), MCB (0.65pc) and UBL (0.30pc) eroding 39 points from the index likely due to expectations of a cut in the upcoming monetary policy.

Analyst Ahsan Mehanti at Arif Habib Corp stated that weak sentiments persisted at PSX post major earnings announcements. Trade remained high in second- and third-tier scrips.

Investors ignored upbeat auto and cement sales for July-February 2015-16 and rising home remittances.

As the earnings season drew to a close, all eyes are now on month-on-month improvement in economic data, inflation number for March and political noise along with direction of foreign flows, but all of which boils down to the market participation which remains the key trigger towards further upside, said analysts at Intermarket Securities.

Courtesy : Dawn News



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