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KARACHI: Stocks extended the rally to the first day of the trading week as the KSE-100 index opened in the green and gathered 455 points that pushed it through the 46,000 barrier to the day’s highest at 46,109.
The index breached the 46,000 level for the first time in 20 months. But at that high point, investors were taken over by the fear of a correction which induced them to book profit. The index thus succumbed to growing selling pressure where shares across the board started to retreat that sent the benchmark scurrying down to wash away all the day’s gain and touch intraday low by 125 points in the red.
In this file photo, Pakistani stockbrokers watch the latest shear prices on a digital board during a trading session at the Karachi Stock Exchange (KSE). AFP/File
KARACHI: Stocks snapped the four-day winning streak as the KSE-100 index after a volatile session finished flat with a minor loss of 36 points or 0.1 per cent at 44,460 points.
The market opened in the red taking cue from regional bourses which remained under pressure due to drop in international oil prices. During the day, the market took investors on a roller coaster ride, making intraday high and low by 144 and 228 points.
Market saw profit booking in power, oil and gas marketing companies and fertiliser sector stocks. Cement and steel sector stocks bounced back today after the sell-off a day earlier. Cement sector showed signs of recovery as local dispatches posted growth of 17.5pc in December with total dispatches of 4.788 million tonnes.
The four-week rally at the stock market was snapped in the outgoing shortened four-session week as the KSE-100 index lost 324 points, or 0.74 per cent, to close at 43,417. AFP/File
KARACHI: The four-week rally at the stock market was snapped in the outgoing shortened four-session week as the KSE-100 index lost 324 points, or 0.74 per cent, to close at 43,417.
The index tumbled by 834 points in the first two days of the week. The trading was led by the news flow on the Covid-19.
The market lost 406 points on the first day of the week as a new and more contagious strain of coronavirus was detected in the UK, leading to lockdowns and shutdowns. As the countries fearful of import of virus from the European countries put a halt to flight to and from the UK, the fear led to slump in global equities and commodities.