RECORDER REPORT

KARACHI: Bearish trend prevailed on Karachi Stock Exchange as the KSE-100 index lost another 372 points to close at 33,199.86 points Wednesday.

Bulls showed some resistance and were seen climbing in the intraday trade to the session-high of 33,615.70 but the rally proved short-lived as the benchmark 100-index slid to 33,125.43 points.

Foreign outflows surged to $ 3.77 million for last three trading sessions with Wednesday’s $ 225,341 net selling addition.

Trading turnover declined to 152.52 million shares from 158 million of last session.

Of the 365 issues traded only 82 landed in green zone, 262 losing their worth while 21 staying unchanged. The value of overall traded stocks, however, surged to Rs 7.82 billion compared to the previous Rs 6.63 billion.

The market cap closed down at Rs 7.03 trillion.

SSGC led volumes with 13.5 million shares each appreciating to Rs 43.03 at close. Other best performers were TRG Pakistan, K-Electric, Pace Pakistan, SNGPL, Pak Elektron, PTCL, Pak Refinery, Bank of Punjab and Jahangir Siddiqui Company with respective turnovers of 12.3, 11.3, 9.7, 7.9, 7.6, 4.5, 4.2, 4.2 and 3.7 million shares.

Trade in future contracts dipped to 46.65 million from 61.47 million of Tuesday.

“Bears dominated throughout the day as the market posted a decline of 372 points… amid rollover week,” viewed Faraz Naqvi, a manager at Topline Securities.

The SSGC remained in focus on the back of what the analyst said positive earnings expectations which posted five percent growth.

The day’s most active stocks were SSGC, TRG, KEL and PACE with 13, 12, 11 and 9 million shares trading, respectively.