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Market watch: Stocks continue their losing streak to end below 41,000
Market watch: Stocks continue their losing streak to end below 41,000

Market watch: Stocks continue their losing streak to end below 41,000

KARACHI: The stock market continued to extend its decline, closing below 41,000 points on Monday amid uncertainty over Financial Action Task Force’s (FATF) upcoming decision this week on placing Pakistan on grey list for alleged failure to curb terrorism financing.

Global equities’ sell-off and a weak earnings outlook after the regulator increased gas prices by 46% forced investors to offload their stockholdings.

On the economic front, a downgrade of Pakistan’s outlook by Moody’s credit rating agency triggered the outflow of foreign funds.

At close, the benchmark KSE 100-share Index recorded a slump of 659.15 points or 1.58% to settle at 40,978.23.

Overall, trading volumes decreased to 166.7 million shares compared with Friday’s tally of 179 million. The value of shares traded during the day was Rs7.02 billion.

Shares of 362 companies were traded. At the end of the day, 58 stocks closed higher, 283 declined while 21 remained unchanged.

K-Electric was the volume leader with 18.7 million shares, losing Rs0.05 to close at Rs5.27. It was followed by The Bank of Punjab with 11.18 million shares, losing Rs0.29 to close at Rs12.15 and Pak Elektron with 7.8 million shares, losing Rs1.35 to close at Rs32.67.

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