Late buying helps stocks close flat
KARACHI: The stock market closed flat on Tuesday with the KSE-100 index lightly down by 15.29 points to settle at 33,885.09.
Following the massive erosion, a day earlier, the market opened on a positive note as value hunters sought to pick up over-sold scrips. It propelled the index to intra-day high by 167 points. But as investor sentiments remained weak, the index soon succumbed to selling pressure losing all the gains and sinking to the intra-day decline by 209 points.
The overnight news of Pakistan successfully retaining its emerging market status in the MSCI’s May Review had limited impact as other worries occupied the investors’ mind.
However, later day reports reaching the market of the government approval of Tax Amnesty Scheme to be promulgated through a Presidential Ordinance put a floor under the market fall. Investors who had been watching from the side-lines the whole day entered in the last half hour to buy major index drivers.