Stocks lose 117 points amid huge foreign selling
KARACHI: Stocks drifted down on Wednesday with the KSE-100 index losing 116.61 points to close at 33,949.26. The market witnessed a volatile session with the index trading in the band of 34,200 to 33,936 points.
“After the opening bell, the index gained some positive momentum, however, this could not be sustained as the market witnessed significant selling pressure,” said dealers at a major brokerage house.
Foreigners sold $12.33 million worth stocks, taking the year-to-date offshore selling at $259.86m.
Spectrum Securities Head of Research Abdul Azeem explained that all regional markets were under selling pressure from foreigners due to uncertainty over the crude prices.
“The medium-term foreign investors who could not take the heat were making their way out of stocks,” he said.