KARACHI: The Pakistan stock market shed over 750 points and slipped below 35,000 points in intra-day trade on Tuesday.
“The market has gone down on profit booking,” Arif Habib Limited Head of Equity Sales Saad bin Ahmed told media. “The profit booking was due in the market following it made historical recovery of 7.65% last week,” he said.
Individual investors are mainly seen booking profit. “Institutional investors are either averaging their stock prices or they have sidelined themselves,” he said. Weekly review: KSE-100 rises 7.65%, posts highest weekly gain in a decade. Institutions are most probably waiting for clarity on the launch market support fund, he said.There are some negative news about a slight delay in introduction of the fund.
At 12:11, the KSE-100 index – a benchmark for market performance – was down 571.26 points or 1.62% to stand around 35,126.86 points. “However, formation of the fund (likely of Rs20 billion) is being worked out,” he added.
Investors are primarily booking profit in cement and steel stocks which had invited significant buying last week, he said.
