Stocks decline 242 points on economic uncertainty
KARACHI: The market mood was clouded from the very start of trading on Tuesday as the KSE-100 index opened in the negative and remained bearish throughout the day.
After touching intraday low by 318 points, it recovered some of the ground and closed with loss of 241.83 points (0.65 per cent) at 36,784.44.
It was the second successive day of market decline as investors were spooked by uncertainty surrounding the International Monetary Fund bailout, amnesty scheme and the upcoming budget. The market watched out for any indication on measures proposed by IMF technical team which is in talks with Pakistan for $8bn package and negotiations are likely to continue up to May 7.
They IMF condition could have impact on the key revenue measures for upcoming federal budget. Foreign investors accumulated shares valued at $2.3 million, while mutual funds continued to offload stocks worth $4.7m.