Staff Reporter
Karachi
In a turbulent trading session on Thursday, the KSE-100 index lost 286 points and dropped below the 40,000-point mark in the wake of a host of negative triggers, which sapped investors’ spirit.
.A bear-run in regional markets, which registered a record decline, exacerbated the selling pressure in the domestic market. During the session, the MSCI’s broadest index of Asia-Pacific shares outside Japan posted its biggest daily decline in five weeks. Index-heavy automobile, fertiliser and cement sectors experienced modest selling, pulling the index down.
Earlier, trading began with a spike, however, the bourse failed to sustain the uptrend owing to weak investor sentiment. Pessimistic news flow sparked panic selling and market participants offloaded stocks.
A few attempts were made to recoup the losses, however, they proved futile. The downtrend deepened further in final hours, which extended the losses.
At close, the benchmark KSE-100 index recorded a decrease of 285.56 points, or 0.71%, to settle at 39,868.55 points. Selling activity was observed in fertiliser, cement, refinery and oil and gas marketing sectors and it intensified towards the end of the session, especially after the announcement of MCB and Faysal Bank financial results. Faysal Bank hit its lower circuit after the announcement. Similarly, MCB lost ground after the announcement but it traded above its lower circuit.
