KARACHI: Though the foreign selling spree shattered investors’ confidence, plunging the KSE to three-month low to 31,086.51 points in the last session, the 100 index gained 27.41 points or 0.09 percent to reach 31113.92 in the early trade on Thursday.
However, the High and Low were 31359.72 and 31064.04 respectively with total volume traded in the market of 15,925,150. The Karachi Stock Market earlier had witnessed volatile activities and closed at 31,086.51 points losing 224 points or 0.7 percent. The foreign selling spree had shattered investors’ confidence. The losing spree continued as Pakistan stocks fell 0.7pc further to 3 months low at 31,087 points. In the last 7 trading sessions, the Index is now down 5.7pc while it is down 10.95pc from its recent peak seen on Feb 03, 2015.
Discount rate cut dampened banking returns, evident by a run on most banking stocks through the day’s trade. A further fall in Brent oil saw its effect on the oil & gas sector as almost all oil & gas scripts ended negative, commented analyst Arhum Ghous.
As investors are concerned on continuous selling by offshore investors, no aggressive buying is coming at these levels despite the recent fall in interest rates, observed Samar Iqbal VP at Equity Sales Topline Securities.
