664-point decline takes index below 29,000 level

Updated August 17, 2019

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Investors were jittery due to a constant stream of negative news on economic front, the rising tensions on the border. — AFP/File
Investors were jittery due to a constant stream of negative news on economic front, the rising tensions on the border. — AFP/File

KARACHI: The stock market remained dull and drab on Friday despite a four-day hiatus on account of Eid holidays. The KSE-100 index fell 664 points (2.26 per cent) to close at 28,764.

Investors were jittery due to a constant stream of negative news on the economic front and the rising tensions on the border. The situation was further aggravated by the lack of local institutional support, which was nowhere to found as insurance companies led the sell-off offloading stocks worth $2.648 million followed by mutual funds at $0.716m and banks $0.368m. However, foreign firms emerged as net sellers during the session increasing their positions by $1.7m.

The volume remained on the lower side, down 15pc over the last session to 65.1m shares, from 76.4m. On the contrary, traded value rose by 22pc to reach $21.5m compared to $19.5m in the last session. Leaders were Pakistan Petroleum, Maple Leaf Cement Factory, International Steels Ltd (ISL), Oil and Gas Development Company and Engro Polymer and Chemi­cals making up for around 31pc of the total turnover.

Sector-wise, oil and gas exploration stocks were principal losers of 168 points, fertilisers 149 points, commercial banks 100 points and cement 63.21 points. Among scrips, top losers were Pakistan Petroleum, down 3.79pc, Millat Tractors 5pc, Lucky Cement 5pc, Services Industries 3.4pc and Pakistan Oilfields 4.11pc.

On the flip side, ISL and Nishat Chunian Ltd (NCL) hit their respective upper locks in expectation of results for ISL in the coming week and news of buy back of shares by NCL. Stocks that contributed positively included Dawood Hercules, up five points, ISL five points, MCB Bank four points, Bank Al Falah four points and NCL three points.

Published in Dawn, August 17th, 2019