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Stocks fall for third day on profit-taking
KARACHI: Profit-taking intensified on the third successive session on Thursday as the KSE-100 index lost 368.44 points (0.85 per cent) to close at 43,072.74.
Investors were piqued by the IMF concerns over the country’s weakening macroeconomic situation, decline in foreign exchange reserves and increased risk to economic and financial outlook.
The index witnessed intense selling pressure at mid-day when it sank 500 points to intraday lows. However, bottom-fishing allowed some recovery before the close. Analysts said the news related to NAB opening cases against 52 companies did no good to the investors’ sentiments.