Index dips 173 points amid lack of triggers
KARACHI: For the second consecutive day, bears rampaged the market knocking off 172.93 points (0.42 per cent) from the KSE-100 index which closed at 41,332.75.
Market participation was thin as local individuals and foreign investors remained engrossed in profit-booking on strength. Figures released by the National Clearing Company of Pakistan showed foreign investors absorbing all the liquidity with net buying of $3.36 million on Thursday, which took the aggregate year-to-date inflows to $35m.
Local participants remained on the sidelines in the absence of positive triggers. Some analysts pushing the theory of a major rally said that the market was merely consolidating after its YTD gains of 12pc and 6pc rise in the last 13 sessions.
The Index took off on a positive note, managing to record an intraday high of 41,606 after accumulating 100 points in the morning. But persistent profit-taking in blue-chip scrips ie oil, financials and cement dragged the index down into negative territory.