KARACHI: The Karachi Stock Exchange stood badly battered in late morning trade on Friday as the benchmark KSE-100 Index plummeted by 26.72 points or 0.09 percent to 30652.25 on foreign selling.
The High and Low were 30828.20 and 30490.22 with total volume traded in the market of 55,589,150. In the last session, index fell by a steep 407.54 points or 1.3 per cent to close at 30,678.97 points.
The market opened on a negative note. All sectors took a hit, primarily led by cements, chemicals and banks. Another bearish session was witnessed at KSE ahead of quarter-end close with high trades amid investors panic on foreign selling.
Investors ignored the recent report of Moody’s expressing a positive outlook on Pakistan’s economic future. Moody upgrade on Pakistan bond ratings to positive and major success in ongoing anti-insurgents military offensive. Political uncertainty in Sindh impacted the sentiments. Late session interest in oil and fertilizer scrips after sharp recovery in crude prices, commodities supported the index to close above session lows.
