Stocks sink on political risks

KARACHI: Stocks again meandered on Thursday as a continued rise in coronavirus cases dashed hopes of a recovery from the pandemic-induced economic slump, while escalating political tension heaped pressure on inventors portfolio, dealers said.

They said the market witnessed another massive sell-off and most of the active stocks in refineries, technology and autos ended at their lower circuit breakers.

Pakistan Stock Exchange (PSX) KSE-100 shares index shed 2.09 percent or 911.92 points to close at 42,779.76 points. KSE-30 shares index shed 2.54 percent or 464.65 points to close at 17,861.20 points. As many as 351 scrips were active of which 47 advanced, 351 declined and 10 remained unchanged. The ready market volumes stood at 406.1 million shares compared with the turnover of 363.24 million shares in the last trading session.

Brokerage Topline in a post market note said the sell-off in equities continued for the fourth straight day with the benchmark index closed at a level last seen on December 20, 2020. "Cumulatively, the past four trading sessions have eroded 3,058 points which was last seen when the lockdowns were announced in March 2020."