KARACHI: Bears prowled the stock market on Thursday as the KSE-100 index receded further into the red losing 120.49 points to finish at 33,079.37.

The index has plunged by 986 points during the last seven consecutive sessions.

“During initial hours, index rose by 234 points as investors expected the index to rebound after touching its 10-week low,” said dealers at Global Securities.

But the rally soon lost steam as selling was seen across the board.

Analysts at brokerage Intermarket Securities observed that the market volatility reigned supreme with the index swinging in between 33,437.80 and 33,055.96, clocking in a total oscillation of more than 620 points.

Rally in European markets failed to entice local investors and the market refused to match its pace in the wake of ongoing roll-over week.

Major market participants avoided commenting on the deteriorating political situation. Yet some market watchers said that too many spooky factors had accumulated to drive the investors out of the market.

Most sought safety of the shore by taking profit at current levels, lest the market goes into deeper depression.

Volume was recorded at 140.1 million shares, while value declined to Rs6.3bn.

Foreigners intensified selling disposing of $3.35m worth stocks.

BAFL, which has 8.7pc holding in Warid Telecom (unlisted), rose 3.6pc after the merger news between Mobilink (unlisted) and Warid was announced. PTC also gained 3.5pc.

Analysts at Topline Securities commented that investors offloaded fertiliser stocks due to weak sector dynamics and high urea inventory levels. As a result, FATIMA, EFERT and ENGRO declined by 4.5pc, 1pc and 0.7pc, respectively.

Published in Dawn, November 27th, 2015