Stocks lose 404 points after four-day rally
KARACHI: The stock market snapped the four-session gaining streak and reverted to the negative territory. On Monday, the KSE-100 index lost 404.13 points (1.14 per cent) and closed at 35,168.82.
It wiped off minor gains of 68 points (0.19pc) that the index had accumulated the previous week as a result of market’s oversold position.
The market started out in the red and touched intraday low by 462 points. With mid-session buying by individuals to the tune of $2.69 million, the index managed to recover some of the lost ground.
However, foreigners continued to sell with the outflow amounting to $2.13m. Some concern may have been caused by the Fitch Ratings which has not improved Pakistan’s credit rating despite the conclusion of staff level negotiations with the International Monetary Fund. Local Institutional support was also not forthcoming with companies booking profit through sale of shares worth $3.85m.