KARACHI: The stock market endured a dull session on Thursday as investor interest remained low amid a lack of positive triggers.
Despite a brief open in the positive, the KSE-100 index failed to gain momentum and slumped as investor sentiments remained weak. A lack of concrete progress in talks with the International Monetary Fund (IMF) also added to the bearish momentum.
At the end of trading, the benchmark KSE 100-share Index recorded a decrease of 172.93 points, or 0.42%, to settle at 41,332.75.
Elixir Securities’ analyst Zainul Abedin said profit-taking continued at the bourse with the benchmark KSE-100 shedding 173 points amid lacklustre activity.
“The index managed to record an intra-day high of 41,606 after accumulating 100 points in the morning, however, persistent profit-taking in blue chips ie oil, financial and cement stocks dragged the index into negative territory,” he said.
“Moving forward, the market is expected to find stiff resistance around 41,600/700 levels. On the downside, primary supports are developing around 41,200/41,100 while a break will turn attention to the 40,800 mark.”
Overall, trading volumes decreased to 137.7 million shares compared with Wednesday’s tally of 205.2 million. The value of shares traded during the day was Rs6.05 billion.
Shares of 361 companies were traded. At the end of the day, 119 stocks closed higher, 229 declined and 13 remained unchanged.
Lotte Chemical was the volume leader with 16 million shares, gaining Rs0.56 to close at Rs17.48. It was followed by Pak Elektron with 12.2 million shares, gaining Rs0.60 to close at Rs28.28 and PIAC (A) with 8.7 million shares, gaining Rs0.33 to close at Rs7.35.
Foreign institutional investors were net buyers of Rs466.8 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.