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.