Stock market stays bearish

The Karachi share market witnessed bearish trend on fourth consecutive day and the KSE-100 index lost another 165.24 points to close at 15,304.90 on Thursday, due to heavy selling pressure in the rollover week. On the other hand, the KSE-30 index declined by 269.26 points and settled at 18,392.16 points.
The market started on a positive note and the KSE-100 index hit 15,526.16 points intra-day high level, however, this trend could not be sustained and selling pressure dragged the index into negative zone that reached 15,282.24 points intra-day low level.
Trading activity further shrank as the ready market volume declined to 237.667 million shares as compared to 276.415 million shares traded a day earlier. The futures market turnover stood at 96.835 million shares against 105.304 million shares on Wednesday.
The overall market capitalisation declined by Rs 50 billion to Rs 4.687 trillion. Trading took place in 371 scrips, out of which 219 closed in negative, 123 in positive while the value of 29 scrips remained unchanged. WorldCall Telecom was the overall volume leader with 11.763 million shares however the scrip closed at the same level of Rs 16.75 without any change.
In banking sector, Bank Alfalah surged by Rs 1.10 to close at Rs 54.40 with 10.007 million shares, however, JS Bank lost Rs 0.05 to close at Rs 21.95. The E&P witnessed mixed trend as PPL increased by Rs 2.30 to close at Rs 272.70 however POL decreased by Rs 5.20 to close at Rs 409.40.
Attock Refinery surged by Rs 12.45 to close at Rs 275.45. DG Khan Cement increased by Rs 0.20 to close at Rs 110.00. Nishat Mills declined by Rs 5.00 to close at Rs 122.00. Pervez Ahmed lost Rs 3.25 to close at Rs 89.20. Hub Power decreased by Rs 1.35 to close at Rs 33.70.
Siemens Pakistan and AKD Capital Limited were the top gainers with Rs 73.00 and Rs 44.25 to close at Rs 1567.00 and Rs 929.80 respectively while Colgate Palmolive and Unilever were the top losers with Rs 33.20 and Rs 25.00 to close at Rs 630.80 and Rs 2400.00, respectively.
Tanvir Abid, Head of Sales at IGI Securities Limited said that the bearish trend continued at the share market on third consecutive day in the rollover week. On the other hand, below expectations earnings of some companies created negative sentiments and the market participants opted to offload their holdings on available margins. Oil sector performed relatively better, however, most of the other sectors witnessed selling pressure.