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Five-day rally snaps on profit-booking
KARACHI: Stocks snapped five-day winning streak on Thursday as investors were tempted to book profit after the market recorded gains close to 4pc in the past five sessions following smooth transition of power to the caretaker setup. The benchmark KSE-100 index retreated 196.09 points (0.44 per cent) to close at 43,948.11.
The market fell short of fuel that had fired the recent rally as the heavyweight financial and cement stocks were thought to have fully recouped their earlier losses.
Investors also took notice of continuous foreign outflows which in the last four days had amounted to a tall order of $29.5 million. The figures revealed by the National Clearing Company of Pakistan showed slowdown in foreign sales to $0.4m.