KARACHI: Stocks fell for the 3rd straight session on Monday with the KSE-100 index decreasing by 366 points, or 0.77 percent, to close at 47,124.
The criteria has dived by total amount of 666 factors in 3 sessions, mostly as capitalists remain to be alarmed by the increase in Covid infection situations and deaths.
Although the market opened in the positive area as the Sindh government lifted the week-long lockdown on Monday, unwinding the coronavirus limitations till Aug 31, yet the participants were quickly ill at ease over the extension of the relaxation, lest the favorable cases begin to soar again.
The uncertainty as well as lack of triggers kept the financier sentiments vulnerable that decided to rest on money or look for the sanctuary of safe fixed earnings safeties. The index oscillated in between the intraday low and high by 135 and 436 points with the balance tipping on the bearish side.
Institutions decided to go long and also build their portfolios. Foreign investors acquired shares worth $1.30 m. Amongst regional individuals, firms and banks cherry-picked shares in steel, innovation, refinery as well as concrete sectors. Whereas mutual funds as well as individuals chose to err on the side of caution and sell off settings.
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On the outcomes front, Lucky Cement introduced growth in combined after tax obligation profit by 273pc over the earlier year yet missed the dividend for the quarter ended June 30, 2021 which wetted the financier beliefs.
The trading quantity and also worth appeared at 337m shares and also Rs11.33 bn respectively. WorldCall Telecommunications led the five-top quantity leaders with trading seen in 42m shares. It was complied with by FFL with 17m shares and GGL with 17m shares. Aggregate volume fell 33pc over the 500m shares that changed hands on Friday.
Sector-wise, modern technology & interactions, food & personal care and business financial institutions saw vigorous trading. Experts mentioned the major laggards that dragged the index down consisted of TRG, Lucky Concrete, Hubco, Engro Corp and GHGL.
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