Index sheds 265 points on profit-taking
KARACHI: The stock market continued to retreat for the fourth consecutive session on Monday with the KSE-100 index witnessing a fall of 265.22 points (0.57 per cent) to close at 46,593.34.
The market has witnessed staggering decline of 12.37pc since hitting its intra-day all time high at 53,124 points on May 25, 2017.
The index started out on a strong note and crossed the 47,000 level to show early intraday gains of 225 points. Buying was possibly triggered by the Securities and Exchange Commission of Pakistan’s approval of amendments to the regulations for in-house financing in the stock market, allowing brokers to continue funding share purchase from their own pockets, without seeking margins in cash. The entire process will be documented.
But the much-awaited refurbished financing product failed to hold investors’ interest as the index succumbed to selling pressure, hitting the intraday low by 546 points.