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Stocks shed 324 points on selling pressure

Stocks shed 324 points on selling pressure

KARACHI: Stocks succumbed to selling pressure for the third day on Thursday with the KSE-100 index losing 324.05 points to close at 31,820.54.

The index has lost 886 points in the last three sessions, mainly due to a meltdown in regional markets on the steep fall in global oil prices.

Foreign portfolio outflow stood at $0.13m, taking the year-to-date sell-off at $69.32m. Traded volume decreased 33pc to 113m shares and value plunged 25pc to Rs7bn.

Except for the OGDC, volume leaders were dominated by the small-cap stocks.

Analysts said that HBL down 1.89pc, OGDC by 2.29pc, UBL by 1.87pc, ENGRO by 1.83pc and PPL by 1.88pc, collectively shed 141 points from the KSE-100 index.

The auto sector succumbed to strengthening Japanese yen against the dollar.

Ahmed Saeed Khan at JS Global said that cement sector came under selling pressure on account of news that the government has slashed the development spending budget in order to keep expenditures in line with the limit set with IMF.

Heavyweights in the sector DGKC (down 0.25pc), FCCL (1.13pc) and MLCF (0.37pc) all closed in the red zone.

Investors booked profits in stocks of oil exploration companies due to falling international oil prices.

FEROZ closed at its lower limit (down 5pc) after news reports of expected price decrease of its key products.

Indus Motors, Pak Suzuki and Honda Car declined 0.8-3.9pc.

Ahsan Mehanti, analyst at Arif Habib Corp, commented that selling pressure was witnessed in selected scrips across the board on dismal exports data and weak earnings.

Courtesy : Dawn News



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