KARACHI: Stocks drifted lower for the third consecutive session on Thursday, as the KSE-100 index declined by 187.26 points to close at 31,282.44.

Traded volume rose 5pc to 130 million shares and value increased 22pc to Rs6.6 billion. Foreign outflow stood at $2.31m.

Analyst Ahmed Saeed Khan at JS Global stated that the market opened positive and rose to intraday high of 238 points on recovering global crude prices.

OGDC and POL closed higher by 0.30pc and 0.62pc, respectively.

Meanwhile, banking stocks witnessed mixed sentiments as HBL closed down 1.20pc, while MCB and NBP closed up 0.67pc and 1.31pc.

Dealers on the Global Securities sales desk stated that the market, during the later hours, turned red due to internal problems where inquiry in the AMTEX matter was still to reach a conclusion.

The KSE-100 index found some support from ENGRO (up 1.69pc), while EFERT (down 4.80pc) took away 22 points.

Analyst Ahsan Mehanti at Arif Habib Corp stated that the stock closed lower on investor concerns for political and economic uncertainty.

Institutional support was witnessed in selected oil, banking and fertiliser scrips after recovery in global equities and crude prices. Ongoing regulatory oversight and dismal economic data on government borrowings, exports played a catalyst role in the bearish close.

Other analysts commented that the current market scenario was ignoring any and all positives as sentiment has turned negative, which can to some extent be blamed to domestic and global issues such as NAB’s ongoing investigations, lack of volumes, continuous foreign selling and unstable crude prices.

 

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