KARACHI: Stocks eased further on Thursday as the KSE-100 index close lower by 52.89 points (0.16 per cent) at 33,921.96.
The session started on a positive note with the index up 150 points in anticipation of results announcements during the day.
Volume of trade declined by 24pc to 145 million shares and value fell by 1pc to Rs7.2bn. Foreigners were again net sellers of $2.9m with major outflow from banks. Foreign outflow year-to-date amounted to $199.99m.
Analysts at brokerage Topline Securities stated that the market opened on a strong note, tracking the recovery in the regional markets.
However, lack of any trigger continued to weigh in, which dragged the index in the red. “Some renewed interest was seen in the textile sector as the government agreed to announce textile package by the end of this month,” dealers said.
Index heavyweights OGDCL, PPL and Engro declined by 2.3pc, 1.1pc and 1pc, respectively.
Dealers at Global Securities said that the market could not sustain the early session upsurge as investors opted to book profits.
Dip in oil scrips on back of depressed oil prices dragged the index down.
Analyst Ahsan Mehanti at Arif Habib Corp commented that the stocks closed lower amid profit-taking in selected scrips across the board on uncertainty in global equities and commodities.
Trade remained concentrated in the second and third tier stocks amid limited expectations for downward revision in the key interest rate by the SBP in upcoming monetary policy announcement due next month after flat yields in recent T-bill auctions. “Dismal earnings in oil sector played a catalyst role in the bearish close.”