Stocks dip 201 points in volatile session
KARACHI: The market took the investors on a rollercoaster ride with the KSE-100 index making intraday high by 453 points and low by 285 points. The index finally found its feet at 37,795.25 points, recording loss of 200.52 points (0.53 per cent).
The index could not sustain Tuesday’s positive momentum built on the news of China pledging to lend Pakistan $2 billion to shore up the foreign exchange reserves.
Individuals went in for profit taking with sale of $2.74 million worth securities and insurance companies also dumped shares valued at $5.26m. Mutual funds, on the other hand, were aggressive buyers which absorbed $7.09m liquidity.
The concerns on political and macroeconomic front jeopardized investor sentiments with lack of clarity on the upcoming mini-budget, inflation for December at 6.2pc and oil marketing companies’ sales dipping 26pc spoilt the mood of the market.