Stocks extend losses amid low volumeArchive
KARACHI: The stock market remained subdued for the second consecutive day with the KSE-100 index recording a drop of 253.24 points (0.67 per cent) and close at 37,542.01.
On the economic side, there was no news of any major improvement in macros while the supplementary budget following International Monetary Fund talks kept hanging like a sword of Damocles on the heads. Meanwhile, on the political front, opposition rallied against the government, calling on accountability bureau to probe the award of Mohmand dam construction contract to prime minister’s advisor.
Investors thought it prudent to seek the safety of fixed return assets. The index, after an initial intraday high by 133 points, quickly reversed the trend as profit taking set in. Activity, however, remained thin, measuring up to nearly half of the previous day. “Markets do not like uncertainty and there is plenty of it at the moment,” said a stock broker.