,Bears dominated the stock market on Friday as the KSE-100 index shed over 500 points following fresh projection of economic slowdown and in the absence of major positive triggers.
The index went down as Fitch Solutions, in a research note, anticipated that Pakistan’s economic growth would slow down to 4.1% of gross domestic product (GDP) in FY20 coupled with reports of cancellation of $3.2 billion worth of oil facility from the United Arab Emirates (UAE).
News of expected further hike in power tariff fueled negative investor sentiments and played a major role in the bearish close of the market.
The revision of emission standards by the International Maritime Organisation, effective 2020, led to the hammering of refinery stocks and the entire sector remained in the red. Following a brief positive start, selling pressure emerged at the bourse which persisted for most part of the day. In the first session, over 350 points were wiped out of the KSE-100 index.