KARACHI: The stock market went on a wild roller-coaster ride on Thursday. The KSE-100 index ended in the red by 47.71 points (0.14 per cent) to settle at 33,572.13.
The index raced to intraday high of 297.42 points in early trade as the rally in oil dominated the investor sentiments.
But latter, the stocks went into a tailspin and dropped to intraday low by 126.30 points as the news of dismissal of 11 army officers over corruption charges circulated in the market.
Other significant features on Thursday were the heavy net foreign selling worth $13.63 million of stocks which marked the sixth consecutive day of foreign outflows.
Traded volume increased 24pc to 327.1m shares due to intense volatility and value rose 48pc to Rs15.3 billion, which was at 22-week high. The retail favourites like DFML, BYCO and PACE dominated the scene.
Top performers in the E&P sector were PPL (4.32pc), POL (4.34pc), OGDC (1.75pc) and MARI (2.29pc). On the flip-side, the fertiliser sector underperformed the broader market with ENGRO (1.39pc), FFC (1.32pc), FFBL (4.92pc) and EFERT (2.60pc).
Profit-taking continued in the cements where the biggest index mover of the sector was LUCK (down 0.91pc).
Analyst Ahsan Mehanti at Arif Habib Corp said that oil stocks outperformed the index after brent crude rose near to $46 a barrel on low US inventory.
“Foreign outflows and dismal earnings in the banking and textile sector and uncertainty in global equities were major reasons for a bearish close, regardless of upbeat data on current account deficit for July-March 2015-16.”