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.

Major laggards on Thursday were SNGP which was down 4.6pc, followed by OGDC 0.9, PAEL 5pc, PIBTL 4.5pc and ISL 3.7pc which eroded 100 points. Major gainers included FFC which was up 2.1pc, Hub Co 0.9, Searle 3pc, PAKT 5pc and Packages 3pc, overall adding 76 points. Sector wise; oil and gas marketing companies lost 50 pts, commercial banks took away 47 points while oil and gas exploration companies eroded 43 points.

Published in Dawn, October 27th, 2017