KARACHI: Stocks extended overnight losses in thinly traded session on Friday amid falling global oil prices and uncertainties over important issues such as verdict in the Panama Papers case.

The KSE-100 index tumbled 200 points (0.41 per cent) to close at 49,191.

The first session started on a bearish note and the index made to the intraday low by 343 points, though at mid-day it crossed into the green by 64 points. But the bears pushed back the index in deep red before the close of the second session.

Turnover stood down to 183 million shares from 220m traded a day ago, while the trading value slumped to Rs9.8 billion from Rs13.9bn. Following another gloomy session, 13 stocks closed on their upper circuit while 25 scrips hit their lower limits.

According to analysts at Intermarket Securities, major downside was witnessed in UBL which fell 2.44pc, OGDC 2.16pc, PPL 1.61pc, BAHL 2.25pc and PSO 1.08pc eroding 155 points from the index.

From sector perspective energy slipped 1.41pc, financials 0.58pc and industrials 0.57pc contributing the most towards closing in red. Support to the index came from consumer staples rose 0.01pc and consumer discretionary 0.34pc.

Ahsan Mehanti at Arif Habib Corp commented that the stocks closed lower amid pressure in scrips across the board on institutional profit-taking in oil, autos and pharma scrips in the post-earning season.

E&P sector lost value to close in the red zone as crude prices dropped to their three-month lowest level before recovering moderately, said Arhum Ghous at JS Global. OGDC lost 2.16pc and PPL 1.61pc.

Mixed sentiments were witnessed in the banking sector as NBP added 0.70pc and HBL lost 0.23pc.

Published in Dawn, March 11th, 2017