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KSE-100 Index pares initial losses, falls to 31852.53 by 489.73 or 1.51pc on foreign selling

KSE-100 Index pares initial losses, falls to 31852.53 by 489.73 or 1.51pc on foreign selling

KARACHI: Paring the initial loss of 71.73 points, KSE-100 Index plummeted to 31852.53 points from early-day level of 32270.53 points by falling 489.73 points or 1.51 percent till mid day trade on Wednesday.

Due to continuous foreign selling, the Karachi Stock Exchange witnessed bearish activities as the index had lost further 71.73 points or 0.22 percent to reach 32270.53 in early trade. The High and Low were 32416.99 and 31851.44 respectively while the total volume traded in the market was 60,129,130.

The investors’ cautious stance pushed index down to two weeks low. In the last session, the index had fallen by 112.65 points to close at 32,342.26 points as compared to 32,454.91 of the previous session. The KSE-30 Index dropped by 123.81 points and closed at 20,684.29 points against 20,808.10 points of last closing.

A volatile trading at bourse with KSE-100 index testing two week lows as knee jerk reaction from continuous foreign outflow kept local managers nervous, as per an expert. He said, “We see benchmark to inch up and test 32,800 ahead of long weekend while turnover in broader market is expected to pick up post policy announcement on March 21. We expect market to remain dicey with a strong support at 32,200 points while foreign flows will determine the direction of the index.”