KARACHI: The stock market slid lower on Thursday with the KSE-100 index losing another 106.87 points (0.26 per cent) to close at 40,238.81.

With a brief leap of faith by the value hunters, the index managed to recoup some of the massive losses of 1,219 points seen a day earlier as the index rose to intraday high by 409 points.

But the sentiments turned negative within half an hour with worried investors willing to dispose of stocks even at a loss as political uncertainty took hold of investors’ mind on loud noise of risks inherent in the accountability court’s verdict on Avenfield case against Nawaz Sharif and Marium Nawaz to be announced on Friday.

Dwindling reserves and rising twin deficits also invited the bears who dragged the benchmark to intraday low by 240 points. In the five successive sessions, the index has put together aggregate losses at 1,760 points.

Worst performing sectors included food and personal care products and oil and gas marketing companies, shrinking the index by 92 points. Other laggards were the fertiliser sector that took away 14 points, chemical 12 points, tobacco and refinery 11 points.

Exploration and production sector lost value as crude oil prices edged lower in the international market. Pakistan Petroleum, declining by 0.45pc and Pakistan Oilfields 0.48pc were the main losers of the sector. Tobacco, on the other hand, managed to chip in 20 points.

Among stocks, major contributors to the downside came from Nestle Pakistan, down 3.31pc, Hub Power 1.49pc, Colgate-Palmolive Pakistan 4.68pc, Indus Motor Company 3.44pc and Sui Northern Gas Pipelines 2.21pc, taking away 108 points. On the flip side, K-Electric, up 9.46pc and Pakistan Tobacco 3.72pc added 84 points.

Published in Dawn, July 6th, 2018