KARACHI: Stocks drifted lower on Thursday mainly due to selling by nervous individual investors who were spooked by the shorter future rollover week that would set in before the Eid; uncertainties with regard to the upcoming monetary policy and to book profit before the onset of the unancial results reporting season.

The KSE-100 index retreated by 226 points (0.60 per cent) and settled at 37,578.21.

Figures released by the National Clearing Company in the evening showed net sales by individuals in the heavy sum of $6.62 million, which was picked up by companies that bought stocks worth $6.58m. Other institutional investors, mutual funds and insurance didnot display an attempt to exit.

Investors were caught between the desire to build a stronger portfoliobefore Eid and to sell at current prices which saw the index start the dayin the positive. It then mounted to intraday highby 302 points as they were encouraged by the news of Economic Coordination Committee of the cabinet approving a subsidy ofRs48.7 billion for agriculture and housing sector as well as the drop in Covid19 infection and fatalities figures that held the prom-ise of opening up of other locked down industries.

However, the index succumbed to selling pressure in the last hour to dip to the intraday low by 264 points.

Shares across the boardfell with major drops seen in the cement, automobile, pharmaceutical, exploration and production and oil marketing companies.

In the E&P, the heavyweight Oil and Gas Development Company and Pakistan Petroleum closed in the red despite oil prices continuing their steady recovery in line with historic output cuts. Banking stocks, MCB, Habib, United saw buying activity that helped to lift the index in early hours.

Cement came under the hammer where Lucky, Pioneer and Maple Leaf closed in the negative. The volume and value for the day decreased by 6pc and 21pc to 379m shares and Rs14bn, respectively.