KARACHI - Pakistan Stock Exchange meltdown continued on the fourth consecutive day on Friday. PSX benchmark 100-share index lost 356.38 points (down 1.12%) to settle at 31,464.16 points. The index has lost 1242 points in the last four sessions due to meltdown in regional markets and slump in global oil prices.
Continuous foreign outflows of $17m in last 4 sessions & uncertainty in international oil prices led to decline in index, dealers said. Traded volume increased by 8% to 122m shares, while traded value remained flat at Rs7b/$67m.
Rumours of decline in local cement prices per bag resulted in decline in cement stocks. DGKC, FCCL & LUCK declined by 1.59%, 2.16% & 2.48% respectively. FEROZ continued its downward trend to close at lower limit. After further strengthening of Yen against US dollar, car manufacturers saw weaker sentiments with PSMC, HCAR & INDU declining by 1.8% to 5%, stated analyst Hammad Aman at Equity Topline Securities.
Bearish trend continued amid major fall in global equities and slump in crude oil prices, said analyst Ahsan Mehanti.
Security unrest in the city, concerns over foreign outflows, falling exports data and slip in crude prices near to $27/barrel played a catalyst role in the bearish close in the earnings season.