Stocks continue losing streak amid choppy trade
KARACHI: Stocks fell for the third day this week with the KSE-100 index tumbling 107.04 points (0.26 per cent) on Wednesday to close at 40,503.68.
Trading remained choppy as the index hovered between the intraday high by 166 points and low by 296 points.
Market analysts tried to put forth various reasons for the extended declines, including the oft-repeated “uncertain political conditions”. Some analysts also attributed the fall in share prices to the investors’ disappointment over remittances data, which showed inflows from overseas declined 20pc year-on-year in September. The market worried about an uptick in the current account deficit for September in the wake of lower remittances.
The volume declined 30pc over the previous day to 130 million shares. The traded value was down 17pc to Rs5.39 billion. Local participants mostly stood aside, except mutual funds and companies that sold stocks worth $5.24m and $4.76m, respectively. Foreign portfolio investors bought stocks worth $7m, making it the third day of net inflows.