Staff Reporter
Karachi
Bears maintained their control over the stock market on Tuesday as investors continued to book profit amid economic uncertainty, pushing the benchmark index down for the second successive session.
The KSE-100 index started off on a positive note, gaining over 200 points, however, the trend could not be sustained.
Market participants remained cautious ahead of likely meeting between Prime Minister Imran Khan and US President Donald Trump on the sidelines of the World Economic Forum (WEF), in Davos, Switzerland. Selling pressure in global equity markets also caused a steadily decline in the KSE-100 index throughout the day.
“Investors’ interest remained subdued as they awaited the central bank’s monetary policy meeting scheduled for January 28,” said an Aba Ali Habib Securities’ report.
At close, the benchmark KSE 100-share Index recorded a decrease of 121.15 points, or 0.28%, to settle at 42,626.47.
JS Global analyst Maaz Mulla said the “plague firmly set upon the market fortunes showed no signs of relenting on Tuesday”. The KSE-100 index started off on a positive note but later took a sharp U-turn, touching an intra-day low of 409 points, he said.
