Stocks lose 409 points as uncertainty persists
KARACHI: Stocks fell further on the first trading day of the week with the KSE-100 index dragged down by 409.34 points (1.02 per cent) and closed at 39,606.79.
Investors were disinclined to trade in the absence of triggers while concerns over geopolitical situation forced investors to liquidate their positions. Other factors that dampened investor sentiments included lack of report on the progress with the International Monetary Fund for bailout package and the simmering temperature on the eastern border.
The market opened 26 points down but turned green for a short while and climbed to intra-day high by 30 points. The index latter succumbed to selling pressure coming mainly from mutual funds that sold equity worth $3.01 million which saw the index hit the intra-day low by 465 points. Selling pressure emanated mainly in the banking sector where United Bank Ltd (UBL) and Habib Bank Ltd (HBL) plunged for the third day. Foreign investors remained on the sidelines with net sale of stocks worth only $0.01m.