Declining regional and international equities, unprecedented sell-off by the offshore participants, absence of buyers on intervals amid prolonged stagnation and declining volume on improved valuations triggered an across the board selling, thus keeping the frontline and the high priced stocks under severe pressure. Re-emergence of buyers mainly from the local circuit in the consistent dividend yielding stocks reporting growth and having the least impact of various infrastructural and financial issues being faced by other frontline stocks did offer a safe haven to the proceeds materialised through offloading high priced and speculative stocks – thus restricted the benchmark from otherwise facing a wider decline.
KSE 100 index closed at 11912.19 levels with a loss of 63.36 levels, while KSE 30 index lost 39.97 levels to close at 11424.72 levels. All Share index closed at 8255.63 levels after losing 41.90 points. Total 101 scrips advanced 168 declined and 108 remain unchanged out of the total 377 scrips traded. Support by the respective group that has been quite evident and has enabled the stocks to stay strong on both gains and turnover, so remerging in post midday session along with high quantum change of hand kept turnover contribution significant. However the benchmark, despite desperate attempts, failed to attain the psychological 12000.
Inability of the local bourse to invite follow-up support due to curtailed local strength and massive reduction in number of participants (thanks to conservative CGT mechanism, the outstanding economic and financial issues, and now without IMF cover, along with rising mercury on political grounds) tend to overpower the triggers.
