The stock market tumbled on the first day of the week, pulling the KSE 100-share index down by more than 400 points or 1.6% on institutional selling.
At the close, the Karachi Stock Exchange’s (KSE) benchmark 100-share index stood lower by 1.67% or 426.57 points to end at 26,255.21 on Monday.
“Stocks opened positive, however, it did not take longer before trading deep in the red and by midday selling accelerated as the index tested 26,000 levels, down as much as 600 points or 2.3%,” said
“Interestingly, index-heavy illiquid stocks did the first damage with the broader market following suit. However, reports of buying by local banks and support at 26,100 helped reduce losses for the day,” he said.
He said a meeting between the
The bears kept a powerful stranglehold as worries over the
“Technical gurus continued to predict more doom with a consensus view of a 2,000 points’ decline. The trend though will be set by what foreign portfolio investors do as continuous inflow will boost the market quickly and give the bulls an adrenaline shot,” Ahsan said.
Trade volumes remained the same at 287 million shares compared with Friday’s tally.
Shares of 398 companies were traded. At the end of the day, 56 stocks closed higher, 326 declined and 16 remained unchanged. The value of shares traded during the day was
Foreign institutional investors were net sellers of
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