Stocks recover 32 points in dull session
KARACHI: The stock market remained indecisive for the third day as the KSE-100 index closed with minor recovery of 32.44 points (0.08 per cent) at 38,928.93.
Trading remained range-bound with retail investors engaged in bouts of buying and selling in small-cap stocks. As institutions remained on the sidelines, blue-chip scrips barely came up for trading. Resultantly, all 10-top leaders were tagged at price below Rs100 per share.
Brokers said that investors’ confidence remained at the low ebb despite the deposit of second tranche of $1 billion from UAE to help State Bank foreign currency reserves and ease international payment pressure on the country. Investors were peeved by the export figures for Feb coming out flat despite rupee devaluation. Anticipation of an increase in gas price and interest rate hike also concerned traders as those were likely to increase cost of doing business.