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Stocks start day on bearish note

Stocks start day on bearish note

KARACHI: The Pakistan Stock Exchange Thursday again opened on bearish note and shed 29 points to reach 43766 level in early trading.

On Wednesday, the stock market witnessed an intense selling pressure for the seventh day in a row dragging the KSE-100 index down by 271.96 points (0.62 per cent) to close at 34-day low of 43,795 points.

The market started on a positive note and rose to intraday high by 182 points. With rumours abound, panic selling later gripped and investors started to jettison shares in all sectors save oil. The index tanked by intraday low of 680 points before it managed to find a foothold and claw up a little with the help of institutional buying in selective fertiliser, banking and cement stocks.

The volume improved 25pc over the previous day to 192 million shares while the traded value increased 18pc to Rs7.96 billion. Leaders were First Dawood Investment Bank, Invest Capital Investment Bank, Trust Investment Bank, Sui Southern Gas and Unity Foods, representing a quarter of the aggregate turnover. The data compiled by National Clearing Company of Pakistan showed foreigners’ net selling of $4.9m.