Stocks fall below 64,000 level in five sessions

Bearish sentiments persisted in the stock market for the fifth consecutive session mainly due to pre-poll uncertainty which drag­ged the benchmark KSE-100 index below the 64,000-point level on Wednesday. Topline Securities Ltd said equities moved in both directions. Initially, the index made an intraday high at 64,551 ( a gain of 380.37 points). However, profit-taking at the aforesaid level wiped out early gains. It witnessed an intraday low at 63,874 levels (a loss of 297 points). Investors chose to do profit-taking in selective stocks of banks and fertiliser sectors in the backdrop of increasing political noise and the absence of any positive triggers. Powered by KM Resultantly, Meezan Bank Ltd, Engro Corpo­ration, Bank Al Habib, Engro Fertiliser Ltd and United Bank Ltd cumulatively contributed 182 points to the index fall. On the flip side, Pakistan Tob­acco, Pakistan Petro­leum Ltd and Indus Motor collectively added 75 points.