Index loses 94 points on value hunting
KARACHI: Stocks moved in a tight band on the first trading day of the week with the KSE-100 index recording a drop of 93.79 points (0.22 per cent) and closing at 42,539.23.
While the results season attracted some value hunters, the investor appetite vanished as a flood of disconcerting events stared them in the face. The rising inflation prompted analysts to come up with consensus expectations of a status-quo in the monetary policy to be unveiled on Tuesday.
Weak holders also liquidated their positions at the onset of the rollover week for future contracts. Finally, there was a glum outlook on Pakistan managing to wriggle out of the Financial Action Task force (FATF) grey list in the review by the watchdog due next month. On international front, Asian market and commodities prices continue to dive due to rapidly spreading coronavirus fears.
Trading began on a negative note and the index drifted all the way down to intraday low of 161 points. But the high net worth individuals stepped in to buy shares worth $3.06 million which saw the index rise to intraday high of 106 points only to succumb to the selling pressure close to the end of trading time.