KARACHI: With the ongoing FATF plenary meeting and the roll-over week, investors thought it prudent to book profit at current levels. It sent the KSE-100 index down for the second day.
After oscillating between the intraday high and low by 194 and 227 points, the index settled lower by 161 points, or 0.35pc at 45,728.75.
Trade remained choppy as investors were torn between the greed to buy in the results reporting season and the fear of an unexpected market plunge on the major event of ongoing four-day FATF plenary meeting which started on Monday.
Investors were spooked as an Indian magazine drummed up the issue and suggested that Pakistan would remain on the grey list till the next plenary meeting to be held in July. Other than that the roll-over week cast its unsavoury spell as weak investors rushed to cover positions.
KARACHI: Shares snapped the three-day winning streak as the bulls took a breather on the second last day of the rollover week. The KSE-100 index tumbled 292.08 points, or 0.63 per cent, to close at 46,166.05.
A lack of triggers, fall in global markets and the ECC meeting again ignoring the approval of Textile Policy and the revision of OMC margins turned sentiments weak. Investor interest was further dented as Nepra indicated Rs1.60 per unit increase in power tariff against fuel adjustment.
The market remained volatile for the entire session, though mostly in the red as the popular sectors that had propelled the index over the past weeks withdrew support. Profit-taking in technology, E&P and oil & gas marketing companies drove the index down from intraday high by 187 points to 347 points low.