Staff Reporter Karachi
The Karachi stock market on Thursday witnessed heavy selling as the benchmark KSE-100 index dived 625 points amid a string of corporate result announcements.
Following a brief open in the positive, the KSE-100 index began its decent in initial trading. During the day, all index-heavy sectors faced massive selling and the decline accelerated towards the close which inflated the losses.
At close, the benchmark KSE-100 index recorded a decrease of 625.40 points, or 1.34%, to settle at 46,142.74 points.
The banking sector saw major attrition with extensive selling whereas profit-booking was noted in cement, oil and gas marketing and exploration and production sectors.
Overall, the index shed 648 points during the day and ended down by 625 points.
Important results announced during the session included Engro, PSO and Meezan Bank, but the market closed at a low ebb due to general disappointment, the report said.
