KARACHI: The stocks extended losses on Thursday with the KSE-100 index shedding another 359 points (0.79 per cent) to close at 45,059.93.

The index edged up by as much as 1.3pc within the first 15 minutes of opening of trade. However, profit-taking across all sectors emerged so that it witnessed 1,000 points fall from the intraday peak.

The rise and fall of the stocks reflected investors’ sentiments.

Elixir Securities concurred, saying that market participants cheered overnight news that the Sharif family had acquired and submitted ‘convincing’ proof to the Supreme Court of Pakistan supporting their claim of no illegal action in financial dealings.

The volume slipped 11pc over the earlier day to 148 million shares, while the traded value dropped 3pc to Rs8.6 billion. The figures released by the National Clearing Company of Pakistan in the evening showed sell-off by foreign investors; individuals and mutual funds.

Intermarket Securities calculated that the major contribution to index downside came from DAWH which was down 4.76pc, Engro 1.78pc, Hubco 1.53pc, UBL 1.15pc and BAHL 1.75pc taking away 142 points.

On the flip side, OGDC gained 1.55pc, POL 1.16pc and MCB 0.60pc adding 50 points to the index.

On the sector front, fertiliser shed 97 points, banks 56 points, cement 55 points, power 24 points and OMC 23 points, while E&P’s added 25 points.

Ahsan Mehanti at Arif Habib Corp stated the stocks closed lower amid concerns over dismal economic data.

Speculations ahead of State Bank of Pakistan monetary policy announcement on Saturday invited early session rally.

Published in Dawn, July 21st, 2017