Stocks shed 85 points in late selling
KARACHI: The three-day winning streak snapped on Monday when the stock market turned choppy to finally settle with loss of 84.85 points (0.22 per cent) at 38,345.42.
The market opened positive and continued its upward spiral to reach intraday high by 353 points. But in the last 45 minutes, market succumbed to intense selling pressure which wiped off all the gains, landing the index in the red.
A major market participant confided that not all investors were impressed by the rosy picture of economy painted by the finance minister on his visit to the bourse on Saturday.
His assurances of looking into overregulation of the market and reduction in capital gains tax were unable to tempt investors, who remained concerned over the falling reserves, further devaluation of the rupee and the ambiguity over the International Monetary Fund programme.