KARACHI: It seems bearish trend has set foot in the Karachi Stock Exchange as stock plummet 167 points, bringing the benchmark KSE-100 index below psychological barrier of 30,000 to reach 29928 points, in the midday trading on Thursday.
Earlier, the market opened on a negative note and kept on losing points, not withstanding the bearish trend and added to the overnight losses. The stocks could not gain momentum as profit-taking took over the bourse and the benchmark index fell below 30,000 level.
The investor preferred profit-taking and remained cautious to observe the market’s direction.
On Wednesday at close, the Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.16% or 47.97 points to end at 30,095.80.
Experts and analysts attributed the negative trend to various challenges the country was faced with and the weeks-long political stalemate. The political uncertainty triggered by the Pakistan Tehreek-i-Insaf Azadi march and Pakistan Awami Tehreek’s Inqilab march. Both Imran Khan’s PTI and Allama Dr Tahirul Qadri’s led PAT have been encamped in the federal capital in front of Parliament House, demanding Prime Minister Nawaz Sharif to resign over “what they called” worst rigging in the May 11, 2013 general elections.
