RECORDER REPORT
KARACHI: The share market extended losses Wednesday, shedding another 203 points to 31,470 points compared to 31,673 points Tuesday.
The benchmark index moved both ways to hit the intraday high and low of 31,706 and 31,335
points, respectively. The number of stocks traded slid to 124 million shares from 167 million. The traded value stood at 5.44 billion, down Rs 4 billion from the previous Rs 9.44 billion.
The market cap settled in red accumulating to Rs 6.63 trillion.
“Stock closed lower on concerns for foreign outflow, dismal exports and weak earnings outlook at PSX,” viewed Ahsan Mehanti at Arif Habib Corp.
Foreign investors maintained the selling spree with Wednesday marking net outflow of $ 1.92 million.
Other attributing factors for the day’s fall, Mehanti said, included uncertainty in global equities, falling crude prices and concerns behind the outcome of ongoing regulatory oversight. This was despite record results announced in banking and cement sectors.
Dewan Cement, up to Rs 9.16 at close, led volumes by 13.22 million shares. Others top performing issues were WorldCall Telecom, TRG Pakistan, Fauji Cement, K-Electric, SSGC, JSCL, SNGPL, OGDC and Pak Elektron.
Trade in futures contract totalled at 16.6 million against 28.5 million of day earlier.
“Profit-taking was seen in index heavyweight stocks,” said Topline analysts. Investors booked profits in stocks of oil exploration companies. Consequently, OGDC and PPL shed 1.7 and 0.9 percent.
Select banking sector stocks were also in the red as analysts said investors closed out their positions. Habib Bank and MCB Bank lost 1.4 and 1.2 percent value, respectively.
The financial results of Hub Power Company and United Bank, which were in-line with market estimates, failed to excite investors. Resultantly, the stocks fell by 0.8 and 0.6 percent.
