Stocks keep falling

Pakistan stock market stayed bearish Tuesday with the KSE-100 index declining by another 113 points to close at 30,564 points. The benchmark index showed volatility by hitting the intraday high and low of 30,842 and 30,276 points, respectively. Trading turnover was recorded higher at 173 million shares the value of which rose to Rs 6.89 billion in the fresh week's second session. Of the 338 issues traded, 116 posted gains, 203 lost their worth and that of 19 remained unchanged.
The market cap moved southward to have accumulated to Rs 6.46 trillion from the previous Rs 6.47 trillion. TRG Pakistan, which appreciated to Rs 24.29 at close, led volumes with 25 million shares trading. Other best performing stocks included K-Electric, Silk Bank, SSGC, Pak Elektron, NIB Bank, Pak Elektron, JSCL, SNGPL and Byco Petroleum. Trade on the futures market ballooned to 51 million contracts in the rollover week. "Stocks closed lower on weak sentiments amid fall in global equities and concerns for ongoing regulatory oversight," viewed Ahsan Mehanti of Arif Habib Corp. The analyst said the late session institutional buying in oil stocks after crude prices rally over $33 a barrel supported the index to close above days low. "Weak economic data on exports, current account balance and high government borrowings played a catalytic role in the bearish close at PSX," he said.