Pessimistic outlook over external accounts and foreign investor’s continuous exodus kept investors edgy as KSE-100 shed a further 69 points. Even positive news flows including Rs100 per bag urea price hike initiated by Engro, and yet another discovery in TAL at Manazali-9, were overlooked by unnerved investors.
KSE 100 index closed at 11268.55 levels with the loss of 69.49 points, while KSE 30 index lost 101.16 points to close at 10308.09 levels. All Share index closed at 7797.21 levels after losing 44.12 points. Total 92 scrips advanced 113 declined and 101 remain unchanged out of total 306 scrips traded. Heightened systematic risks including unabated fall of local currency have eclipsed the attractive fundamentals as fearful investors opt out of the local market. The grim situation is likely to remain so or even exacerbate in the near term. We reiterate caution and recommend exposure in only select stocks with a solid outlook, said analysts.
