KARACHI: The KSE-100 index extended bearish sentiment on Thursday from the previous session to close the day in red posting marginal losses. The index lost 28 points (0.1 per cent) to settle at 38,243.89 after touching an intraday low of 491 points.

The market maintained gloomy outlook despite news of the government planning to abolish 0.02pc advance tax on the sale and purchase of shares in the upcoming mini-budget, following recommendations from the finance ministry.

According to figures released by the National Clearing Company of Pakistan Ltd, foreign investors emerged as net sellers offloading $4.2 million worth of stocks. However, local investors increased their positions by equal amounts raking up $4.2m of equity with individuals increasing their positions by $2.1m and mutual funds $2.87m.

The market began the session dipping to its intraday low at noon, however, optimistic investors came in to positions at attractive levels, helping the volume increasing by 12pc to 92.7m shares and total value traded jumping 17pc to $33m from $38.7m in the last session. Stocks that contributed significantly included Bank of Punjab, TRG Pakistan, K-Electric, Unity Foods and Pak Elektron, accounting for nearly 38pc of the day’s total turnover.

Sector-wise, exploration and production stocks took away 23 points, chemical 13 points, banks 13 points, fertiliser 9 points and autos 6 points.

Major contribution to the index downside came from Pakistan Petroleum Ltd, decreasing by 0.7pc, Colgate-Palmolive Pakistan 4.7pc, ICI Pakistan 2.2pc, Indus Motor Company 1.6pc and Abbott Laboratories 2.9pc. On the flip side, gainers were Honda Atlas Cars, up 5pc, Pakistan Tobacco 3.7pc, Mari Petroleum 1.8pc and Lucky Cement 1.1pc.

Published in Dawn, January 18th, 2019