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Stocks continued to decline

Karachi: Stocks continued deep decline for the seventh session in a row on Thursday with the KSE-100 index recording loss of 180.13 points or 0.70pc.

The market has seen a strong pull back by 1,170 points or 4.41 per cent since the current rot began late last week.

The benchmark index closed on Thursday at 25,506.80 points, which market participants said was the lowest level this year.

The precarious security situation with talks almost faltering with the militants, has taken a toll of the market.

Investors were spooked by the progress of events as the Pakistan Army jet fighters bombed the hideouts of militants in selected spots, in retaliation of killing of 22 soldiers.

Investors’ anxiety was running high, represented by a fall of the market on slightly higher volumes on Thursday.

Also foreign investors had put further investment on the hold on Thursday with a small sale of $0.07 million worth stocks. Local participants put up a mixed performance, albeit in tiny amounts.

Market participants commented that Hubco and NCL lost values after disclosure of lower than expected results. Profit taking was also witnessed in index heavy weight OGDC which shed Rs.2 and PSO which closed down by Rs4.

Small cap stocks saw healthy volumes as 28m shares were traded in BOP (rights) followed by TRG with 26mn shares.

Cement stocks were down as producers were thought to be bearing additional cost pressures (gas price hike) while cement bag prices had stayed put.

PSO also closed down due to rumours of lower payout/ earrings than earlier estimates.

Consumer goods (food) companies took a major hit on Thursday as Nestle fell to ‘lower circuit’ following announcement of flat earnings which disappointed investors.

 

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