KARACHI: The prevailing political ‘standoff’ continued haunting stocks as Karachi Stock Exchange remained bearish though benchmark 100-index recouped some of early losses to rise 31969.97 points from 31,857.92, it still below 32,000 points till midday trading on Tuesday.
The market nosedived from 32,010.33 points to 31,857.92 points, losing 152.14 points or 0.48 percent in early trading.
The market opened at the overnight closing of 32,010.33 and remained in red zone, failed to recoup overnight losses and soon share prices sank with the KSE-100 index went down below its all time high of 32,000.
It is to be noted that on Monday, after a firm opening, the market soon became a casualty of the political mayhem in the country. Market participants moved to the sidelines, manifest in the volume of shares traded which dipped by 100 million shares or 35pc to 186m shares traded on Monday and the trading value dipped 33pc to Rs8.76bn, from Rs13.11bn last Friday.
Analysts stated that clashes between political parties in the Faisalabad, falling trend in international oil prices to a five-year low and a grim earnings outlook for some blue chip oil stocks played a catalyst role in bearish activity at KSE. They stated that oil & gas sector remained under pressure due to low international oil prices.