Stocks fall 180 points on mutual fund selling

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KARACHI: Stocks continued to prowl the stock market where the KSE-100 index dipped 180.13 points (0.59 per cent) and closed just a shade above the 31,000-level at 31,000.67.

Investors’ sentiments were ruined by the prospects of global slowdown amidst Sino-US trade war. Above that, the selling pressure continued at the local bourse on the back of geopolitical unrest as the country’s civilian and military leadership continue to deliberate on the situation.

The volume edged up 4pc to 54.3 million shares, from 52m while traded value on the contrary jumped by 49pc to $16.8m, as against $11.2m the previous day. Stocks that contributed significantly included Maple Leaf Cement, K-Electric, Hub Power, TRG Pakistan and Fauji Fertiliser, which formed 27pc of total volume.

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Foreign investors remained sidelined while mutual funds sold equity worth $1.81m which was picked up by banks that bought shares valued at $3.50m.

Hub Power tumbled and took along with it most heavyweight scrips such as Habib, United, National Bank, PSO and MCB. Banks were major laggards where big banks closed in the negative territory while mixed sentiment was witnessed in oil and gas. Cement also didn’t show a clear trend as Lucky fell whereas DG Khan 1.2pc rose. Further­more, fertiliser took a breather as Engro Corpo­ra­tion inched up 0.1pc and Fauji 1.3pc closed in the green.

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Scrips hat contributed positively were Fauji Fertiliser, higher 19 points, Pakistan Oilfields 11 points, Dawood Hercules 10 points, Habib Bank 6 points and Ghani Glass 5 points. On the flip side, United Bank, decreased by 38 points, MCB 37 points, Hub Power 26 points, Colgate-Palmolive Pakista 12 points and Thal Ltd 10 points.

Analysts at JS Global stated that moving ahead, they expect the market to exhibit volatility in the coming sessions due to overall ambiguities in the political environment.

Published in Dawn, August 7th, 2019

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