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Bears run through stocks as KSE sheds 181pts, 0.54pc; down to 33237pts

KARACHI: Stocks plummet, extending losses as benchmark KSE 100-index lost 181.15 points or 0.54 percent to fall to 33237.05 points till midday trading on Tuesday. The buoyancy turned negative and the market failed to recoup overnight gains as benchmark shed 41.50 points, 0.12 percent to fall 33376.96 points in early trading. The market opened at overnight closing of 33418.30 points level and fell. Although there was buoyancy, it turned sluggish and the index fell below to red zone, losing 41 points.

It is to be noted that the market closed at new highs led by energy and banking stocks ahead of major earning announcements this week on strong earnings outlook.

The benchmark KSE-100 Index gained 93.38 points and concluded at 33418.30 points level on Monday.

Oil stocks battered after WTI crude fell below $47/barrel. Energy stocks remained in limelight on falling oil prices and banking sector on rising spreads. Govt imposition of 5pc duty on CRC imports positively impacted local steel industry. Speculations ahead of SBP Policy announcement on Jan 15 played a catalyst role in bullish activity at KSE.

The market continued to tread into uncharted territory though some intraday profit taking was witnessed at all time high level.