Stocks extend overnight losses for want of triggers
Amid a dearth of positive triggers, the stock market repeated overnight performance, pulling the benchmark KSE 100 index further down on Thursday. Topline Securities Ltd said the local bourse saw a range-bound session, with the benchmark index swinging between an intraday high of 553 points and a low of 385 points. It eventually closed at 112,564 points, marking a decline of 361 points or 0.32 per cent day-on-day. It observed that investor sentiment remained mixed. While Meezan Bank’s financial results aligned with market expectations, Pakistan State Oil earnings fell slightly short of industry forecasts due to weaker-than-anticipated gross margins. The positive contribution was primarily driven by Lucky Cement, MCB Bank, Bank Alfalah, National Bank, and Meezan Bank, adding 184 points to the index. Conversely, Pakistan Petroleum, Engro Corporation, and PSO shaved off 254 points.