KARACHI: Stocks extended the losing streak to the fifth day on Monday with the KSE-100 index down by 186.15 points, or 0.42 per cent, to close at 44,076.20.
Investor participation was low with the speculators’ favourite scrips on the technology sectors coming under pressure. Textile, cements, power and refinery scrips also pulled down the index.
The investors continued to be spooked by the rumours of a severe lockdown post-Eid holidays to contain the virus.
The index succumbed to selling pressure right from the start and made intraday low of 43,630 points as negative news dominated the market. Those included the reports suggesting that EU was reviewing the GSP+ status to Pakistan and higher than expected April CPI inflation which topped at 11.1pc year-on-year.
Analysts said that the rollover trades from April Futures Contract that remained outstanding at the end of week on Friday caused mayhem on Monday as well, especially the positions in technology scrips TRG and Netsol.
The index took a dip of 632 points, but later made an attempt to recover and entered the green, as it was considered that the positions were rolled-over. However, with positions still outstanding, the index dipped down again closing in the red. Netsol hit lower circuit as the session started while the TRG traded near lower circuit during the entire session.
Major laggards for the day were TRG, Hubco, NML, ANL and Lucky Cement which cumulatively dragged the benchmark index lower by 210 points. Individuals were disinclined to hold positions ahead of the long Eid holidays; they sold off shares valued at $3.57m. The liquidity was mopped up by companies who bought shares worth $2.15m. Foreign investors cherry-picked stocks worth $0.55m.
The traded volume declined 19pc over the previous day to 238m shares while the the traded value also stood down by 18pc to reach $73.8m. Unity Food, Telecard, GGL, TRG and WTL contributed 46pc to the total turnover.
Published in Dawn, May 4th, 2021