Stocks breach 38,000 resistance level
KARACHI: Bears prowled the stock market knocking down shares that sent the KSE-100 index reeling down by 364.50 points (0.95 per cent) and close at 37,853.57.
The equities opened gap up and rose to intraday high by 242 points. But the market lost momentum as the index succumbed to selling pressure with the last hour witnessing panic selling across the board.
Elixir Securities Director Research Hamad Aslam commented that in the quarter Sept-Dec (with two sessions remaining), the index is down 17pc in dollar terms, representing its worst performance since the 2008 crisis; in rupee terms it would be the third worst performing quarter in 10 years.
The PSX on Thursday moved in sharp contrast to the international markets which recovered on the back of increase in crude oil prices. Things have started to heat up on the political front as the government placed ex-president Asif Ali Zardari on exit control list due to ongoing graft cases against him.