Stocks falter after a day of relief
KARACHI: Stocks resumed downward journey after one-day hiatus with the KSE-100 index sinking323 points (0.71 per cent) to settle at 45,479 on Wednesday.
The market started off positive extending Tuesday’s gains to reach intraday high by 202 points. But later in the session, the index was weighed down by extensive selling in banks, oil and gas exploration and production (E&P) and cement sectors which saw it plunge to intraday low by 378 points.
Investors were baffled by bad news including the uncertainties relating to the 2018-19 budget, rumours of upcoming weak quarterly results from the banking and cement sectors, talks of more foreign selling in the Oil and Gas Development Company (OGDC) stock and an apparent failure of the amnesty scheme.