Index snaps three-day rally to lose 314 points
KARACHI: Stocks were hammered on Wednesday snapping the three-day rally due to lack of triggers despite persistent foreign buying which amounted to $4.40 million. The KSE-100 index lost 314.48 points (0.96 per cent) and closed at 32,401.40.
With the excitement surrounding the Prime Minister Imran Khan’s visit to US and meeting with President Trump over, investors’ interest was diverted to the results season. Most market players were expecting considerable hit on corporate earnings, particularly the cyclicals, cement, automobile and steel.
The market opened in the positive and rose to intra-day high by 49 points. At mid-day, the index succumbed to selling pressure mainly by the mutual funds amounting to $4.23m. The figures released by the National Clearing Company of Pakistan showed institutions remaining on the side-lines. The index hit the intra-day low by 365 points.