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Stocks’ losing streak enters seventh day

Updated August 10, 2019

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In the absence of positive triggers, worries over several issues weighed on investors’ mind. — AFP/File
In the absence of positive triggers, worries over several issues weighed on investors’ mind. — AFP/File

KARACHI: The KSE-100 index closed last day of the week in red losing 309 points (1.04 per cent) to close at 29,429.07, marking seven seventh session of decline.

In the absence of positive triggers, worries over several issues weighed on investors’ mind. Major heavyweight sectors which included financial, exploration and production and cement sectors were badly battered.

Political uncertainty, geopolitical tensions over the Kashmir issue and concerns over the possibility of downgrade of Pakistan to Frontier Market Index from Emerging in the upcoming MSCI annual review further spooked investors.

The volume fell by 30pc to 76.4 million shares, from 109.3m while value also decreased by 9pc to $19.5m. Stocks that contributed significantly included Maple Leaf Cement Factory, Engro Polymer and Chemicals Ltd, TRG Pakistan, Wordcall Telecom and United Bank Ltd, which formed 31pc of total turnover.

Mutual funds continued the selling spree by offloading stocks worth $4m whereas foreigners also emerged as net sellers decreasing their positions by $ 0.79m.

Sector-wise, commercial banks, oil and gas exploration companies and fertiliser stocks led the losses, taking away around 312 points from the index. On the other hand, Nishat Chunian Ltd hit the upper lock after it notified buyback.

Decliners were Habib Bank, down 75 points, Oil and Gas Development Company 47 points, Pakistan Petroleum 46 points, Bank Al Habib Ltd 30 points and Engro Corporation 29 points.

On the flip side, Nestle Pakistan was up by 14 points, MCB Bank 11 points, DG Khan Cement 10 points, Kohinoor Textile Mills five points and Maple Leaf Cement five points.

Published in Dawn, August 10th, 2019