KARACHI: The Karachi Stock Exchange benchmark 100-index lost 73.36 points or 0.23 percent to reach 31451.62 points and volume of 66,602,260 shares on Thursday.
Yesterday, KSE-100 Index declined 2.5%, or 817.28 points, to close at 31,524.98 points.
The uncertainty stemmed from political developments as well as gloomy atmosphere following killing innocent people in acts of terror in Lahore and other parts of the country besides a terrorist attack on a private school in Karachi last morning.
Speaking to a media outlet, a broker said panic selling on Wednesday was in response to the massive offloading of shares on the Karachi bourse by an American hedge fund in recent weeks.
“Miami-based American hedge fund, Everest Capital, has resorted to heavy selling. I suspect its net sales amount to up to $70 million in the last month or so,” he said while requesting anonymity.
Net outflows of foreign portfolio investment since the beginning of the year have been $108.2 million. Net selling by foreign portfolio investors in February alone amounted to $62 million, which is the largest net outflow since July 2013.
A meeting between Prime Minister Nawaz Sharif and Army Chief General Raheel Sharif is expected today (Thursday) where Karachi s prevailing security situation will come under discussion.
On the other hand, talking to a delegation of members of the parliament prime minister said that all political parties were taken into confidence before launching the operation against criminals in the metropolis, Karachi.
Last week, a heavy contingent of Rangers personnel also seized heavy weapons and ammunitions during raid on MQM headquarters in Azizabad area of Karachi and arrested dozens of party activists, including a suspected target killer involved in TV journalist Wali Babr`s murder.
The MQM is widely accused of violence, extortion and running an armed militia, allegations the party denies, although it acknowledges that individual members may be involved in criminality.
The High and Low were 31607.81 and 31395.07 respectively with the total volume traded in the market of 66,602,260.
