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KSE-100 Index reverses initial losses, reaches 31285.46 points from 31199

KARACHI: The Karachi Stock Exchange witnessed fluctuation as benchmark KSE-100 Index reversed some initial losses but still faced 25.27-point loss at 31285.46 in mid day trade on Wednesday  as compared to 31199.37 of early trade of the same day.

The Index in the mid day gained 25.27 points or 0.08% while the High and Low were 31406.41 and 31189.33 respectively with total volume traded in the market was 34,135,090.

Due to continuous institutional selling, the benchmark KSE-100 Index extended the last session losses in the early trade on and lost 111.36 points or 0.36 percent to reach 31199.37 while the High and Low were 31406.41 and 31191.44 respectively.

Investors have unilaterally decided to ignore all positive triggers. The long anticipated interest rate cut was approved over the weekend. The cut was of only 50bps whereas some were expecting it be 100bps. In the last session, continuous institutional selling had affected market sentiments in spite of a 50bps reduction in policy rate by State Bank of Pakistan

Though the Karachi Stock Exchange had opened on a positive note but it lost earlier gains due to institutional selling, as per an analyst. MCB fell for a consecutive fifth session and has fallen by 14pc since Mar 17, 2015. Today, index heavy weight MCB declined by 5pc, while Engro, POL and LUCK fell by 4pc, 4pc and 2pc respectively, the analyst added.