Finance

Fourth consecutive decline, Index down 1.4pc

Karachi, August 2, 2019: Index closed negatively for fourth consecutive time. During the outgoing week, the KSE-100 index lost 437 points to close at 31,666 points; down by 1.4 percent WoW.

Equities remained under pressure due to higher CPI inflation which was recorded at a 68-Month high of 10.3 percent as per news report. Furthermore, Senate chairman elections also kept political noise on the higher side which also weighed on investors sentiments.

During the week, commercial banks dragged the index by 239 points, followed by E&P & Tobacco companies which cumulatively eroded the index by 109 points.

Based on NCCPL data, foreigners continue to remain net buyers amounting to US$3.4 million. On the local’s side, Mutual Funds remained net seller of US$4.8 million, respectively.

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