Stocks pursue the losing streak road three days in a row

On Friday, the bearish spell entered its third day on the stock market amid intensified selling pressure ahead of an NCOC meeting which later in the day announced measures to check the spread of the third wave of Covid-19.

The benchmark KSE-100 index made an intraday low of 566 points at 44,363, but the mid-session buying hel­ped it recover partially closing the day with a loss of 223 points, or 0.5 per cent, at 44,706.76.

Arif Habib Ltd in its report said the market declined further again in anticipation of a lockdown at the national level that caused investors to adopt a cautious approach and avoid taking new positions. 

Despite gloomy conditions in the wake of the Covid pandemic, mutual funds remai­ned busy in lifting shares worth $4.26 million followed by foreigners who bought equities worth $2.55m, showed data released by the National Clearing Company of Pakistan on Friday. Kot Addu Power announced financial results which had little impact on its stock price due to non-declaration of dividend against market expectation.