Stocks post fresh losses in jittery trade
KARACHI: The stocks extended losses on Thursday with the KSE-100 index shedding another 359 points (0.79 per cent) to close at 45,059.93.
The index edged up by as much as 1.3pc within the first 15 minutes of opening of trade. However, profit-taking across all sectors emerged so that it witnessed 1,000 points fall from the intraday peak.
The rise and fall of the stocks reflected investors’ sentiments.
Elixir Securities concurred, saying that market participants cheered overnight news that the Sharif family had acquired and submitted ‘convincing’ proof to the Supreme Court of Pakistan supporting their claim of no illegal action in financial dealings.
The volume slipped 11pc over the earlier day to 148 million shares, while the traded value dropped 3pc to Rs8.6 billion. The figures released by the National Clearing Company of Pakistan in the evening showed sell-off by foreign investors; individuals and mutual funds.