The stock market winning streak, which saw gains of three per cent last week, came to a halt yesterday the share prices sank with the KSE-100 index down 138.45 points or 0.43pc to close at 32,010.33.
After a firm opening, the market soon became a casualty of the political turmoil in the country. Market participants moved to the sidelines, manifest in the volume of shares traded which dipped by 100 million shares or 35pc to 186m shares traded yesterday and the trading value dipped 33pc to Rs8.76bn, from Rs13.11bn last Friday. Second and third tier stocks were in large number as volume leaders. The oil & gas sector took heavy beating with all but three of the thirteen listed stocks managing to restrain a downward drift.
Foreign investors played on both sides with gross purchases at $5.45m and gross sales at $6.96m to set net sales at $1.51m worth stocks. Foreign funds trimmed down their position by $0.7m in the oil & gas sector and $0.4m in the chemicals sector.
