Stocks extend slide over GIDC verdict

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Staff Reporter

Karachi

The stock market extended its slide on Thursday following a court’s ruling on the Gas Infrastructure Development Cess (GIDC), which triggered selling and pulled the benchmark index down by 182 points. Earlier, trading kicked off on a positive note, however, the bourse succumbed to uncertainty after the verdict and the index fell over 500 points in early hours. After midday, the index staged a modest recovery as late session buying erased most of the losses. At close, the benchmark KSE-100 index recorded a decrease of 182.44 points, or 0.45%, to settle at 40,290.74 points. Arif Habib Limited, in its report, stated that the market opened on a positive note at the opening bell with +70 points and volumes of 2.8 million shares.

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