KSE 100 index dropped 199 points to close at 11,278 level after a broad based sell off sparked by deteriorating international markets and continued foreign funds selling. Foreigners have sold $5.3m worth of stocks so far in December and local investors anticipate the selling to continue due to weaker $/PKR along with tense relations with the US.
Fertiliser stocks witnessed substantial declines led by FATIMA after news flashed on Reuters that the leaders of US Senate negotiating panel agreed to freeze $700 million in aid to Pakistan until Pakistan provides assurance that they are countering improvised explosive devices in their country. Investors dumped FATIMA as it manufactures ammonium nitrate (a common Fertiliser ) which can be used as an improvised explosive device. Among oil stocks OGDC bore the brunt of selling closing down 2.9 per cent, while PPL and POL witnessed flattish closings.
Dwindling index took a nose dive as investor dumped holding amidst deepening tension among US-Pakistan with US senate set to freeze $700m in aid. Global economic concern, persistent foreign outflows and shrinking reserves unnerved investor sentiment.
Dreary investor participation has remained a concern with mere 41m shares traded during the day. The KSE 100 index closed at 11278.02 levels with the loss of 199.10 points, while KSE 30 index lost 176.18 points to close at 10421.98 levels. All Share index closed at 7811.42 levels after losing 130.61 points. Total 62 scrips advanced 175 declined and 75 remain unchanged out of total 312 scrips traded.
