Despite the positive result from oil sector heavyweight OGDC, the market sentiment remained negative again today as the KSE-100 index slipped 104 points in today’s session to close at 11,283 points.
The index felt the burden of selling pressure in MCB, which established lower circuit lock, as it dropped 4.8 per cent from yesterday’s close. FATIMA on the other hand continued to defy the index’s gravitational pull as it closed up 0.3 per cent and was the daily volume leader with 9.17 million shares. With its result scheduled to be released on 31st October, Fauji Fertiliser Company picked up steam as it eased up to the Rs175 per share mark.
KSE 100 index closed at 11283.49 levels with the loss of 103.73 points, while KSE 30 index lost 111.26 points to close at 10586.28 levels. All Share index closed at 7830.19 levels after losing 74.60 points. Total 73 scrips advanced 174 declined and 83 remained unchanged out of the total 330 scrips traded.
With a gloomy economic forecast constantly being reiterated to investors, the results season has appeared to lose its charm on them as they appear to remain pessimistic of the future, said Ali Hussain, senior investment analyst at HMFS.
Selling pressure draws bears back to Karachi Stock Exchange
