Stock market closes red as macroeconomic concerns persist

The Pakistan Stock Exchange’s benchmark KSE-100 Index closed 0.85 per cent lower on Thursday, as investors continued to trim positions with macroeconomic worries and depleting foreign exchange reserves looming large in their minds.
The index was down 368 points by close of trading at 43,073, with 69 million shares of indexed scrips (worth Rs4.96 billion) traded over the day. The day’s high was 43,476 points (recorded shortly after day’s open), while the lowest point remained 42,940 points (hit around mid-day).
A total of 163m shares were traded on the PSX over the day, worth Rs7.4bn. Of the 352 scrips traded, 85 closed green, 243 declined in value and 24 traded sideways.
Textiles, cements and technology stocks invited the most attention, followed by powergen and chemicals scrips.
Foreign investors were net sellers of $2.7m worth of securities during the day, with overseas Pakistanis partially offsetting a $3.64m selloff by foreign corporations.