Institutional buying helps index cut losses
KARACHI: Volatile trading on the Pakistan Stock Exchange on Tuesday ended with the KSE-100 index closing at 41,983.16 points, down 170 points (0.4 per cent) from the preceding day.
Concerns about worsening macroeconomic numbers kept investors nervous as the index slid by more than 1,000 points in intraday trading. Latest data shows imports for July increased 51pc to $4.7bn.
The drop during the first hour of trading was caused by local retail selling, said Elixir Securities, but a rebound followed later on reported domestic institutional buying.
Data released by National Clearing Company of Pakistan Ltd showed foreign investors were net sellers of equities worth $6.8 million. Local individual investors, brokers and insurance companies were also net sellers. Mutual funds, however, ended their selling streak and accumulated shares amounting to $1.4m on a net basis. Net buying by banks amounted to more than $7m.