Bearish spell deepens as index falls by 372 points
KARACHI: Stocks continued to present a picture of gloom, as the KSE-100 index plunged by 371.73 points (1.11 per cent) to close at a 10-week low of 33,200.
During last six sessions the index has been on a losing streak, giving away 866 points.
Volume slipped to 152 million shares, while trading value rose to Rs7.8 billion as some big-cap stocks came in for trading.
Foreigners sold stocks worth $0.23m.
Analysts at brokerage Intermarket Securities stated that unlike its regional peers KSE-100 index declined amid amplifying bearish sentiment.
Bulk of the selling was witnessed in fertilisers, banks, E&P and cements.
Analysts wondered if “it was a lull before the storm or a category-four thunderstorm?”
Dealers on the sales desk at Global Securities stated that dark clouds hovered over autos and fertilisers as all the scrips closed in a negative zone.