KARACHI: The stock market remained under pressure for the second day in a row on Wednesday as investors continued offloading their positions amid lack of positive triggers with the result the benchmark KSE 100-index lost 233.75 points, or 0.52 per cent, to close at 45,059.12 points.
Topline Securities Ltd noted in its market report that the trading began on a positive note and the index made an intraday high of 296 points. However, the market didn’t sustain the positivity as the second half witnessed a low of 272 points after ECC deferred summary till next meeting on 40pc payments to independent power producers (IPPs).
KARACHI: Stocks came in for heavy battering on Thursday as the KSE-100 index plunged by 625.40 points, or 1.34 per cent, to close at 46,142.74.
The market opened slightly in the positive by 49 points, but the index soon succumbed to selling pressure. Throughout the day, profit-booking continued which pulled the index to intraday low by 648 points. The National Clearing Company of Pakistan numbers showing activity by various participants revealed that mutual funds were the major spoilers of the market as they liquidated positions in the huge sum of $5.03m.
An asset manager of one of the top mutual funds confided that a couple of big funds may have decided to book profit at the current high levels and re-enter at around 45,000. “There have been no major redemptions today, to my knowledge,” he affirmed.