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Closing: KSE drops 294pts more, down 0.89% on profit-taking

Closing: KSE drops 294pts more, down 0.89% on profit-taking

KARACHI: The Karachi Stock Exchange benchmark 100-index lost 293.98 points or 0.89percent to reach 32566.59 points and volume of 88,047,400 shares on Tuesday.

Extending the initial losses on Tuesday, the benchmark KSE-100 index further decreased to 32552.88 points by losing 307.69 points or 0.94 percent an hour before the session’s closing.

The High and Low were 32899.31 and 32547.29 respectively while the total volume traded in the market was 73,689,610.

The early trade of the same day the index plummeted to 32689.41 points by losing 171.16 points or 0.52 percent in early trade on Tuesday. Earlier, the index extended the last day losing streak it had posted a loss of 403.09 points, 1.21 per cent to 32,860.57. In

The decline was caused by foreign selling which amounted to $6.62m and the expectations for cut in Discount Rate (DR) in upcoming Monetary Policy Statement (MPS) by State Bank of Pakistan.

Experts concurred that in the absence of any major news, volumes remained dull and benchmark index fell on foreign selling.

The High and Low were 32899.31 and 32531.13 respectively with the total volume traded in the market of 88,047,400.