KARACHI: After a cheering start, bears crept into stocks, not only eroding the early gains but plunged the KSE 100-index once again below 32,000 to 31,895.57 points with a considerable loss of 188.59 points or 0.59 percent till midday trading on Wednesday.
It seems vagaries have haunted, the otherwise, buoyant Karachi Stock Exchange (KSE) which witnessed a good recovery since Tuesday. Although political temperature appears to have been simmering down, stocks felt the jitters ahead of the scheduled shutdown in Lahore on Dec 15 announced by Imran Khan-led PTI.
Karachi Stock Exchange had started pushing away bearish trend and gained confidence as the benchmark KSE 100-index rose by 93.34 points or 0.29 percent to reach 32,177.50 points in early trading on Wednesday.
The market opened at the overnight closing of 32,084.16 and the index kept ticking upwards, adding to the overnight modest gains. As the political temperatures seemed to have been simmering down, nervous investors took heart and resumed buying, especially in green chips.
The sentiments remained positive which helped the index rose from the red zone.