Stocks plunge 721 points as panic selling continues
KARACHI: Bloodbath on the stock market for the fourth straight day saw the KSE-100 index tumble 721.23 points (1.70 per cent) to close at 41,637.38 on Friday.
The benchmark index sank to its near-term low of 41,458 points reached on May 18. Over the week the index lost 2,043 points (4.68pc). Despite so much blood spilled on the street, investors were too frightened to consider it a time to buy.
Analyst Ahsan Mehanti said that panic gripped the investors amid foreign outflows after Moody’s downgrade on Pakistan outlook and the rupee weakening against dollar. Speculations ahead of FATF decision next week on Pakistan action plan to avoid grey list also poured cold water over investor sentiments.
Stocks which drew the investors’ ire included MCB Bank, BAFL, ISL, DGKC, PAEL, Lotte Chemical and last hour sealed the fate of the market for the week. The index went into a free-fall in the last hour as buyers started panic selling, observing the continued onslaught of the bears with weekend holidays ahead.