KARACHI: Stocks fell for the third straight session on Monday with the KSE-100 index declining by 366 points, or 0.77 per cent, to close at 47,124.

The benchmark has plunged by total of 666 points in three sessions, mainly as investors continue to be spooked by the rise in Covid infection cases and deaths.

Although the market opened in the positive zone as the Sindh government lifted the week-long lockdown on Monday, relaxing the coronavirus restrictions till Aug 31, but the participants were soon ill at ease over the continuation of the relaxation, lest the positive cases start to soar again.

The uncertainty and lack of triggers kept the investor sentiments fragile who decided to sit on cash or seek the shelter of risk-free fixed income securities. The index oscillated between the intraday high and low by 135 and 436 points with the balance tipping on the bearish side.

Institutions decided to go long and build their portfolios. Foreign investors bought shares worth $1.30m. Among local participants, companies and banks cherry-picked shares in steel, technology, refinery and cement sectors. Whereas mutual funds and individuals decided to err on the side of caution and liquidate positions.

On the results front, Lucky Cement announced growth in consolidated after tax profit by 273pc over the earlier year but skipped the dividend for the quarter ended June 30, 2021 which dampened the investor sentiments.

The trading volume and value clocked in at 337m shares and Rs11.33bn respectively. WorldCall Telecom led the five-top volume leaders with trading seen in 42m shares. It was followed by FFL with 17m shares and GGL with 17m shares. Aggregate volume fell 33pc over the 500m shares that changed hands on Friday.

Sector-wise, technology & communications, food & personal care and commercial banks saw brisk trading. Analysts pointed out the major laggards that dragged the index down included TRG, Lucky Cement, Hubco, Engro Corp and GHGL.

Published in Dawn, August 10th, 2021