KARACHI - The stock market failed to enter the green territory on Thursday as well due to selling pressure. The benchmark KSE 100-index shed another 120.49 points or 0.36 per cent to close at 33079.37 points.
During last seven sessions, the index has been on a losing streak, giving away 986 points. Volume slipped to 140 million shares compared to 152m shares of Wednesday while trading value also decreased to Rs6.3 billion.
SSGC witnessed another volatile session as it topped the most active stocks and managed to post an increase of 2% with a healthy volume of 18m shares.
Continuous selling pressure was seen in fertilizer stocks on the back of higher inventory levels of urea. As a result, stocks like ENGRO, EFERT and FATIMA went down, observed Mohammad Rizwan, head of Sales Topline brokerage.
Stocks closed lower amid pressure in oil, banking and fertilizer scrips on weak earnings outlook. Likely impact of Rs40b new tax measures from next week to meet revenue shortfall weakened the sentiments, stated Analyst Ahsan Mehanti.
Falling banking spreads, dismal urea sales, lower global crude prices, concerns on ongoing rumors over political implication of investigations under Anti Terrorism Act played a catalyst role in the bearish close.