KARACHI: The stock market on Thursday continued its losing streak for the third day in a row as across-the-board selling dragged the benchmark KSE-100 index down below 45,000 level in the rollover week.
After opening in the green, the index moved both ways hitting intraday high of 84.22 points and low of 277.82 points. However, it settled with a loss of 196.01 points, or 0.44 per cent, to close at 44,863.11.
Arif Habib Ltd in its report said selling pressure was witnessed in cement, fertiliser, steel sectors. Financial results had failed to generate the usual interest among investors perhaps due to the upcoming tight budget right after Ramazan and a long hibernating period till the next financial results will be announced.
International crude oil prices were on the rise overnight; however, E&P stocks did not react to it.
Among scrips, Hascol led the table with 43.8 million shares, followed by Ghani Global 32.6m shares and Telecard 19.5m shares.
Sectors contributing to the performance include banks (58 points), cement (56 points), fertiliser (33 points), power (28 points) and tobacco (13 points).
The trading volume declined 8pc to 280.7m shares from 305.7m shares. The traded value also dipped by 16pc to reach $88.6m as against $105m.
Hascol, Ghani Global, Telecard TRG and GGGL contributed 45pc to the total turnover.
Stocks that contributed positively to the index include Hascol (10 points), KTML (10 points) and ICI (8pts). Stocks that contributed negatively include FFC (26 points), SNGP (26 points), MCB Bank (14 points) and POML (13 points).
Topline Securities Ltd did not expect any changes in the upcoming semi-annual MSCI index review. The MSCI will be releasing the results on May 11.
Published in Dawn, April 30th, 2021
