KARACHI: Skeptical Karachi Stock Exchange benchmark 100-index plummet record 454 points or 1.43 percent to 31235.96 points due to vagaries till midday on Tuesday. It seems bears haunt bourses as index plunged into red zone at the opening, losing 24.43 points or 0.08 percent to down to 31665.67 points in early trading.
Although the KSE-100 index up by 100.28 points or 0.32 percent at 31,690.10 at closing on Monday, stock failed to consolidate its gain and shed points at the start. The market opened at overnight closing of 31,690.10 points and remained in negative zone on the investors’ anxiety over different factors including political unrest. On Monday the market lost considerable points in the opening but later received strong support from Non-Bank Financial Institutions (NBFCs) which absorbed $12.24m worth stocks on Monday.
Analysts think otherwise as they are of the view that favourable CPI Inflation data, stronger rupee parity against dollar on expected $2bn oil import bill reduction, upbeat cement sales data for Nov 2014, rising trend in DAP sales and concessionary gas to selected fertiliser units played a catalyst role in bullish activity at KSE despite concerns for rising receivables in energy sector and political protests in Punjab.
