KARACHI: After plummeting to the year’s lowest level of 32,454.91 points in the last session, the benchmark KSE 100-index pared the huge losses and further decreased to 32284.76 points by losing 170.15 or 0.52 percent till the mid day trade on Tuesday because of foreign selling and SBP rate cut fears.
In the last session, the KSE-100 index had posted a loss of 474.18 points or 1.44 per cent to close at 32,454.91 points because of foreign selling.
As per an analyst, the investors were caught on the back foot by consistent selling by international investors. It may be caused by the meeting of the US Federal Reserve which is likely to provide guidance on when eventually interest rates are raised in the US.
The analyst added that the proposed introduction of a target rate by the State Bank for controlling money market overnight rates is expected to effectively bring down the reference policy rate which is also being seen as a negative for banks as it will further squeeze their spreads.” However, the High and Low were 32519.82 and 32104.01 till the mid day trade on Tuesday while the total volume traded in the market was 63,124,280.
