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Stocks tumble for fifth successive day

Stocks tumble for fifth successive day

KARACHI: Stocks continued losing streak for the fifth day with the Karachi Stock Exchange-100 index down by 147.65 points (0.45 per cent) to settle at 32,534.85.

The benchmark has lost 694 points in the current meltdown, which has engu­lfed most regional markets.

Bitter relationships between Saudi Arabia and Iran; weak manufacturing data from China, which led to subsequent devaluation of yuan, and depressing oil prices collectively led to investors’ exit from the stocks.

Average daily volume at the local bourse increased five per cent to 119.8 million shares over the previous day and average daily value rose 16pc to Rs7.6 billion.

Foreign investors sold equities worth $1.32m, taking the outflow for the week at $11.2m.

The foreign sale was mainly in the oil and gas and banking sectors amounting to $8.3m and $4.7m, respectively.

Dealers at the Global Securities commented that index heavy-weight, commercial banks, fell victim to foreign selling with both HBL (-1.40pc) and MCB (-1.25pc) eroding 65 points from the index.

Negative sentiments prevailed in exploration and production sector due to record low oil prices, with Arab Light falling to a 12-year low at $28.11/bbl.

The cement sector succumbed to selling pressure on Friday due to profit-taking. The top performer for the day was FFC (+1.22pc) with a contribution of 17 points as scrip garnered investor’s interest because of encouraging urea off-take numbers.

Analyst Ahsan Mehanti at Arif Habib Corp stated that stocks closed bearish on investor concerns over foreign outflows at KSE.

Falling textile exports data for July-November 2015 and worries over gas supply issues in the fertiliser, textile sector added to weak investor sentiments.

Courtesy : Dawn News



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