Stocks lose 109 points on profit-taking
KARACHI: After accumulating stocks for three consecutive sessions, investors decided to put off fresh buying and pocket profits on Wednesday. The KSE-100 Index shed 108.71 points (0.26 per cent) and closed at 41,505.68. The market got off to a weak start and remained volatile with the index touching intra-day high and low by 153 and 197 points respectively.
Foreign investors mopped up all the selling by local individual and institutions with surprise heavy net buying of stocks worth $6.4 million. According to figures released by the National Clearing Company of Pakistan, except for the insurance companies which made net purchases of $2.4m, all local institutions and individuals resorted to profit taking.
A major stock broker stated that the nervousness of the local players was stoked by reports implying further delay in the International Monetary Fund (IMF) bailout package as the Finance Minister Asad Umar had told Prime Minister Imran Khan that the deal which IMF had put on the table was not in the interest of Pakistan as it embodied stringent measures to solve the external issues, that would unduly burden the vulnerable population and further strain the economy.