KARACHI: The stock market remained under pressure for the second day in a row on Wednesday as investors continued offloading their positions amid lack of positive triggers with the result the benchmark KSE 100-index lost 233.75 points, or 0.52 per cent, to close at 45,059.12 points.
Topline Securities Ltd noted in its market report that the trading began on a positive note and the index made an intraday high of 296 points. However, the market didn’t sustain the positivity as the second half witnessed a low of 272 points after ECC deferred summary till next meeting on 40pc payments to independent power producers (IPPs).
KARACHI: Fears of lockdown return shook up investor confidence on Tuesday as the benchmark KSE 100-share index lost 389.90 points, or 0.85 per cent, to close at 45,292.87.
After opening in the green, the market witnessed a profit-taking spree in the midday following better than expected corporate earning announcements which took the index to hit intraday low at 45,170.
Topline Securities Ltd in its report said fears of Covid-related lockdown came to haunt the market again as the Sindh government decided to ban inter-city transport and close educational institutions while the ongoing futures roll-over week added extra pressure.
The major laggards were OGDC, PPL, Engro, POL and PSO that cumulatively dented the benchmark index by 261 points.
KARACHI: Despite strong corporate earning announcements, the stock market on Thursday remained under selling pressure amid rising Covid cases and upcoming rollover week as the benchmark KSE 100 index lost 376.93 points, or 0.83 per cent, to close at 44,929.61.
The possibility of stricter restrictions by the National Command and Operation Centre (NCOC) dented investor confidence who continued offloading their positions.
According to Topline Securities Ltd, the E&P sector closed 1.96pc down on lower international oil prices while cements and autos also witnessed a selling spree where Lucky, DGKC, MLCF and PSMC dented the index the most. Further UBL and Engro Corp closed 4.23pc and 1.23pc higher, respectively, after posting robust earnings and dividends higher than industry expectations.