Stocks downward drive continues for fourth day
KARACHI: Stocks plunged for the fourth consecutive session with the KSE-100 Index extending losses by 267.20 points (0.66 per cent) to close at 40,219.47.
The fanfare surrounding the much-awaited arrival of by the Saudi Crown Prince Muhammad Bin Salman and the expected announcements of significant investments failed to cheer investors. The two countries signed seven memoranda of understanding in the aggregate sum of $20 billion (Rs2.8 trillion).
The index caved in to selling pressure as the investors were spooked by the escalation in Pakistan-India tensions with the latter withdrawing the Most Favoured Nation status and slamming 200pc customs duty on all imports from Pakistan.
The market started off on a positive note and climbed to intra-day high by 168 points. In mid-day trading, the index tanked to intra-day low by 487 points, but managed to recover in the last half hour to well above the 40,000 points level.