KARACHI: Stocks retreated on Thursday, trimming some of the heavy gains made a day earlier. The KSE-100 index closed down by 96.40 points, or 0.28 per cent, to 33,742.88.
Volumes declined to 160 million shares worth Rs8.5 billion as compared to 215m shares valued at Rs11.9bn traded the previous day.
Analysts said that the stocks fell as investors trimmed their positions amid falling international equity markets.
Local investors were fearful of possible outflows from foreign funds. Yet the figures released by the NCCPL showed net purchases of $2.93m stocks by the foreign investors with major pickings in oil and gas sector worth $1.7m.
A senior investment analyst pointed out that the latest fact sheet released by MSCI on April 30 showed that the Pakistan’s weight in MSCI Frontier Market Index had increased to 8.88pc from 7.47pc, which could be a reason for foreigners continued interest in the country’s equities.
Oil and Gas Development Company and Pakistan Oilfields extended their rally with gains of 1.6pc and 1.4pc.
“Oil stocks curtailed the overall fall of the index,” an analyst affirmed.IGI Insurance added 4.7pc after announcing its intention to divest holding in Treet Corp. The price of stock in Treet was shaved off by 5pc.
Technology and communication was the top traded sector, followed by refinery and fertiliser sectors.
Analyst Muhammad Mobeen observed that NETSOL reached its upper circuit on rumours that the company was likely to get hefty contracts from Chinese firms following its transmission to next generation system.
In the banking sector, MCB, NBP, UBL, BAHL and FABL all ended 1.1pc, 0.9pc, 0.9pc, 1.3pc and 0.9pc lower.