KARACHI: The stocks succumbed to selling pressure for third straight session on Thursday with the KSE-100 index down by another 257.47 points (0.56 per cent) to close at 45,460.87.

The start itself was firm with the benchmark rising to intraday high by 64 points but investors, already nervous over the upcoming budget and the roll-over week, ran for cover following the news of three-member special bench of the Islamabad High Court disqualifying Foreign Minister Khawaja Asif as a member of the parliament. A bunch of poor corporate results further dampened investor sentiments.

The volume declined 6pc over the previous day to 170.3 million shares with Unity Foods, Bank of Punjab, Nimir Resins, Engro Polymer and Chemical and Pak Elektron as the leaders, reflecting 23pc of the share. The traded value also decreased by 13pc to Rs7.2 billion.

The day’s highlight was trading activity in BoP which hit its upper circuit at which 9.4m shares were traded with outstanding buyers of 18m scrips.

Going forward, analysts expect market to trade range-bound on Friday due to being the last day of the rollover week. Investors would also be keeping an eye on the Federal Budget to be announced after the market close on the same day.

Sectors contributing to the dismal performance included exploration and production, lower by 61 points, foods 40 points, banks 38 points, autos 29 points, fertiliser 28 points and chemical 21 points.

Top five decliners were Ha­bib Bank, down 1.6pc, Daw­ood Hercules 3.3pc, Pak­istan Petroleum 1.2pc, MCB Bank 1.4pc and Pakistan Oilfields 1.3pc, scrapping 60 points from the index whe­reas Bank of Punjab, up 10.4pc, Fauji Fertiliser 0.8pc, Hascol Petroleum 3.1pc, Luc­ky Cement 0.5pc and Bank Alfalah 1.3pc added 60 points.

Published in Dawn, April 27th, 2018