KARACHI: The benchmark KSE-100 Index lost the initial gains of 176.15 points it gained in trading and went back to 32491.87 points from 32715.76 points in mid day trading on Thursday.
An analyst said rising trade deficit data for July-Feb’15 to $14.1b, expected raise in gas tariff next month and falling global commodities impacting oil, textile and cement sectors played a catalyst role in bearish activity post major earnings announcements at KSE.
Till the mid day trade, the index lost 47.74 or 0.15 percent as compared to the last session when a sharp fall of 697 points or 2.1 per cent was witnessed in the last two days. The recovery may be attributed to record remittances data for July-Feb’15 to $11.7b and expectation for IMF 7th tranche receipt this month likely to strengthen rupee.
In the bourse, some positive trend was witnessed on Wednesday though in the early trading on the benchmark KSE 100-index had touched a low of 32,199 points but later recovered and closed at 32,540 points.
The institutional buying was seen as many stocks have reached at attractive levels though there were some concerns due to protest of MQM in the city, an expert said. However, the High and Low were 32715.79 and 32463.78 respectively and total volume traded in the market 58,335,410.
