Stocks lose 186 points amid unexciting results
KARACHI: Stocks declined in a range-bound, lacklustre trading session on Thursday where the KSE-100 index lost 186 points (0.45 per cent) to close at 41,409.
The market started on a positive note rising to an intraday high by 151 points, but the index succumbed to selling pressure in the futures rollover week.
The index plunged by intraday 240 points as investors rushed to liquidate positions after an accountability court issued arrest warrants for former prime minister Nawaz Sharif. Dismal corporate results from the likes of Aisha Steel, Pak Elektron, Nishat Chunian, and Crescent Steel fuelled bearish sentiments.
The volume increased by 36pc over the previous day to 139 million shares while the traded value went up by 27pc to Rs6.91 billion. Biggest selling of $1.068m was seen in ‘brokers proprietary trading’ while insurance companies bought stocks worth $1.09m.
Elixir Securities stated that sideboards names among industrials, utilities and consumer discretionary plays faced major wrath of profit-bookers amid uncertainty on market direction and unexciting results announcements. Oils and financials closed in red with former likely tracking dip in global crude. Cements closed mixed on limited institutional interest however fertilisers generated relatively better activity and closed with modest gains.