Market watch: KSE-100 extends losing streak amid unimpressive earnings outlook
Benchmark index decreases 485.76 points to settle at 41,960.80
Benchmark index decreases 485.76 points to settle at 41,960.80. PHOTO: FILE
KARACHI:
The stock market extended its losing streak for the fourth successive session on Thursday, plunging nearly 700 points in intra-day trading, before recovering somewhat later in the day. It ended trading below 42,000 points.
Earlier, trading began on a negative note with the KSE-100 index tumbling in the wake of scant investor interest. Selling pressure persisted amid a weak corporate earnings outlook.
After hitting an intra-day low of 41,750.54 points, the index managed to make a brief recovery before the end of the session.
At close, the benchmark KSE 100-share Index recorded a decrease of 485.76 points or 1.14% to settle at 41,960.80.
Market watch: KSE-100 falls despite emergence of political clarity
Elixir Securities' analyst Murtaza Jafar said equities continued to slide with the benchmark KSE-100 index shedding nearly 700 points in intra-day trading.
"However, a late recovery in select blue chips pushed the index towards 41,960 points at close. The index rallied into the positive zone for a brief period after a negative start, but succumbed to selling pressure in index heavyweights like financial, cement and steel stocks," Jafar said.
Some major corporate results were unveiled during the day. Engro Corporation (-4.43%), Bank AL Habib (-0.63%) and Pak Elektron (-4.84%) posted quarterly consolidated earnings per share of Rs3.62, up 116% year-on-year, Rs1.93, up 2% and Rs1.34, down 41% respectively, which failed to garner investors' interest.
"With the index retreating, charts indicate consolidation around this area. With a number of key political appointments in favour of the PTI, investors will remain watchful of the source of financial flows for bailout and associated set of austerity measures," the analyst said.
Market watch: Taking cue from global markets, KSE-100 falls over 200 points
Overall, trading volumes decreased to 142.2 million shares compared with Wednesday's tally of 145.3 million. The value of shares traded during the day was Rs7.2 billion.
Shares of 375 companies were traded. At the end of the day, 77 stocks closed higher, 278 declined while 20 remained unchanged.
Descon Oxychem was the volume leader with 8.9 million shares, gaining Rs0.52 to close at Rs22.97. It was followed by Pak Elektron with 8.85 million shares, losing Rs1.76 to close at Rs34.61 and The Bank of Punjab with 6.7 million shares, losing Rs0.23 to close at Rs11.26.
Foreign institutional investors were net sellers of Rs151.1 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.
The stock market extended its losing streak for the fourth successive session on Thursday, plunging nearly 700 points in intra-day trading, before recovering somewhat later in the day. It ended trading below 42,000 points.
Earlier, trading began on a negative note with the KSE-100 index tumbling in the wake of scant investor interest. Selling pressure persisted amid a weak corporate earnings outlook.
After hitting an intra-day low of 41,750.54 points, the index managed to make a brief recovery before the end of the session.
At close, the benchmark KSE 100-share Index recorded a decrease of 485.76 points or 1.14% to settle at 41,960.80.
Market watch: KSE-100 falls despite emergence of political clarity
Elixir Securities' analyst Murtaza Jafar said equities continued to slide with the benchmark KSE-100 index shedding nearly 700 points in intra-day trading.
"However, a late recovery in select blue chips pushed the index towards 41,960 points at close. The index rallied into the positive zone for a brief period after a negative start, but succumbed to selling pressure in index heavyweights like financial, cement and steel stocks," Jafar said.
Some major corporate results were unveiled during the day. Engro Corporation (-4.43%), Bank AL Habib (-0.63%) and Pak Elektron (-4.84%) posted quarterly consolidated earnings per share of Rs3.62, up 116% year-on-year, Rs1.93, up 2% and Rs1.34, down 41% respectively, which failed to garner investors' interest.
"With the index retreating, charts indicate consolidation around this area. With a number of key political appointments in favour of the PTI, investors will remain watchful of the source of financial flows for bailout and associated set of austerity measures," the analyst said.
Market watch: Taking cue from global markets, KSE-100 falls over 200 points
Overall, trading volumes decreased to 142.2 million shares compared with Wednesday's tally of 145.3 million. The value of shares traded during the day was Rs7.2 billion.
Shares of 375 companies were traded. At the end of the day, 77 stocks closed higher, 278 declined while 20 remained unchanged.
Descon Oxychem was the volume leader with 8.9 million shares, gaining Rs0.52 to close at Rs22.97. It was followed by Pak Elektron with 8.85 million shares, losing Rs1.76 to close at Rs34.61 and The Bank of Punjab with 6.7 million shares, losing Rs0.23 to close at Rs11.26.
Foreign institutional investors were net sellers of Rs151.1 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.