KARACHI: Stock closed bearish on investor concerns for foreign outflows and ongoing regulatory oversight at PSX. The bench mark shares index on first trading day on Monday posted a loss of 334.09 points (down 1.08 %) to close at 30,677.68 points.
Bear market sentiments dominated the local bourse ahead of future rollover week as the benchmark KSE-100 index closed below 31,000 index level after 26 trading sessions.
Today’s traded volume stood at 133mn shares while value recorded at Rs54.bn.
Year-to-date, foreigners have been net sellers of US$82mn, a significant number in a span of two months, observed Muhammad Rizwan Head of Sales Topline Securities. LUCK below expectation results for 1HFY16 resulted in the stock closing down 4% Investors offloaded stocks of pharmaceutical companies as they are uncertain about sustainability of recent drug price increase. FEROZ and SEARL dropped 5% while ABBOT declined 2%. Institutional support witnessed in banking and fertilizers scrips on strong earnings.
Major recovery in global equities and crude prices failed to impact the weak sentiments at PSX, stated analyst Ahsan Mehanti.
Out of total 338 active companies that participated in the session, 257 closed in decline, 62 in advance while 19 remained unchanged.