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Midday: Bears rout KSE bid for rally, sheds 111 points

Midday: Bears rout KSE bid for rally, sheds 111 points

KARACHI: It seems the bears have haunted back the Karachi Stock Exchange as the benchmark KSE-100 index plummet by almost 111 points from the overnight closing of 30180 points to 30081.71 point or 0.37 percent in the midday trading on Wednesday.
Although it was a volatile opening in the Karachi Stock Exchange as stocks went down sharply, the KSE-100 index recovered quickly and reined in sluggish trend and gained 81 points or 0.27 percent to reach 30261 in early trading.
However, the market failed to cope with volatility and starting losing points, going down sharply.
The market is thought to remain volatile due to the ongoing political turmoil which warranted investors to stick to fundamentally strong stocks.
At the political front, the Pakistan Tehreek-i-Insaf (PTI) has decided to show its power on Friday by staging a much bigger show. Both the Imran-led PTI and Pakistan Awami Tehreek (PAT) of Dr Allama Tahirul Qadri have been encamped in the Red Zone of the Parliament House, accusing the government worst-ever rigging in the 2013 general elections and demanding Prime Minister Nawaz Sharif to resign.
On the hand, flood peak in Chenab River crossed Panjnad without harming it, but wreaked havoc deep into the heart of southern Punjab.
The Flood Forecasting Division also revised its earlier warning of “high to very high flood” in Indus River at Guddu and Sukkur because of the weakening of peak in Chenab. Now there were chances of “medium to high flood” in the Indus at the two bridges by Thursday.
Torrential rains and floods in Chenab and Jhelum rivers have so far claimed 239 lives in north-eastern and southern Punjab.