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Bearish spell deepens as index falls by 372 points

Bearish spell deepens as index falls by 372 points

KARACHI: Stocks continued to present a picture of gloom, as the KSE-100 index plunged by 371.73 points (1.11 per cent) to close at a 10-week low of 33,200.

During last six sessions the index has been on a losing streak, giving away 866 points.

Volume slipped to 152 million shares, while trading value rose to Rs7.8 billion as some big-cap stocks came in for trading.

Foreigners sold stocks worth $0.23m.

Analysts at brokerage Intermarket Securities stated that unlike its regional peers KSE-100 index declined amid amplifying bearish sentiment.

Bulk of the selling was witnessed in fertilisers, banks, E&P and cements.

Analysts wondered if “it was a lull before the storm or a category-four thunderstorm?”

Dealers on the sales desk at Global Securities stated that dark clouds hovered over autos and fertilisers as all the scrips closed in a negative zone.

HBL (down 2.16pc) contributed the most in the decline, followed by MCB (2.3pc), HUBC (1.63pc), LUCK (1.47pc) and ENGRO (1.34pc).

The rising momentum came crashing down on GHNL and GHNI (both down 5pc) as the Ghandhara Industries Ltd clarified in a dispatch to the exchange: “We have no idea why our share price has hiked from Rs46 in April to Rs364.65 in November 2015.”

The company assured that none of the directors or their families had traded in the shares of the company.

Analyst Arhum Ghous at JS Global Securities stated that the news reports highlighting that the Senate committee had suggested an investigation be conducted against a key business magnate raised concerns.

“We expect the market to remain volatile as it is a futures roll-over week,” said the analysts.

Published in Dawn, November 26th, 2015

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