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Stocks lose another 356 points

Stocks lose another 356 points

KARACHI: The benchmark KSE-100 index for the fourth successive session on Friday closed with a loss of 356.38 points at 31,464.16.

The index suffered a cumulative loss of 1,212 points in the four-day losing streak.

Foreigners sold only $0.10m worth stocks. Yet the local participants were nervous over the incessant decline. Volume increased to 122m shares though the value remained stable at Rs7bn.

Analyst Ahsan Mehanti said that the concerns over foreign outflows, falling exports data and slip in global crude prices played a catalyst role in the bearish close.

Dealers at Global Securities said that the banks came under pressure with MCB (down 3.36pc) and HBL (fell 1.91pc) eroding 98 points from the index amid uncertainty within global financial markets.

“Major contribution to the decline came from MCB, HBL, LUCK, ENGRO and KAPCO which took away 178 points,” calculated analysts at Intermarket Securities.

From participation perspective, FCCL, JSCL, TRG, SNGP and SSGC stood out as market leaders.

When analysing sector-wise performance; industrials, consumer discretionary, financials and materials faced the worst sell-off.

Seasonal dip in the prices of cements (Rs5 per bag) in the north translated into pressure with major laggards being LUCK (2.22pc) and CHCC (4.15pc).

Strengthening Japanese yen kept the auto sector under pressure as PSMC (5pc) and INDU (3.82pc) closed weaker.

“We expect a continuation of the negative trend as corporate results which were just in line with expectations have failed to excite the bulls. The direction of foreign portfolio flows will dictate the direction of the market,” stated JS Global.

Courtesy : Dawn News



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