Stocks lose 343 points on selling pressure
KARACHI: Bears tightened their hold on the stock market on Friday as the KSE-100 index witnessed a steep drop of 343.13 points (1.06 per cent) and closed at 32,103.27.
As widespread selling was seen across the board, major bleeding was witnessed in the exploration and production, refinery, cement, autos, steel and oil and gas marketing companies.
Analysts said that only a few small- and mid-cap banks remained unscathed as investors hoped that the latest hike in State Bank of Pakistan interest rate would cast a positive spell on their bottom lines.
Investors decided to reduce their positions on the last day of the rollover of future contracts. The market anxiety stemmed from fireworks displayed by the opposition political parties, which also put the positives of the Prime Minister’s visit to the US in the shade.
The index took a one-way journey to the south in both the sessions, to hit intra-day low by 414 points.