Stocks turn in gloomy performance
The stock market started trading on a bullish note on the first day of the week but the growing political uncertainty and its likely fallouts triggered selling by some worried investors as a result the benchmark KSE 100-share index closed in the red. Topline Securities Ltd said the equities floated in both directions. Initially, the index made an intraday high of 555 points to 65,069 level. However, profit-taking at the aforesaid level compelled the benchmark index to lose earlier gains before recording an intraday low of 331 points to 64,184. Due to increasing political noise on the holding of upcoming general elections on Feb 8, investors opted to trim their equity positions by booking profit in selective stocks of banks, exploration and production, tech and OMC sectors. Resultantly, United Bank Ltd, Pakistan Petroleum, Oil and Gas Development Company Ltd, TRG Pakistan Ltd and PSO lost 200 points, cumulatively.