KARACHI: Stocks extended decline for the second day with the KSE-100 index losing 119.79 points (0.33 per cent) on Friday to settle at 35,815.20.
Analysts said that a bit of fear overpowered investors’ greed, as they chopped their positions and booked profits owing to uncertainty regarding the monetary policy, to be announced on Saturday (today).
The investors were also concerned about the economic impact of floods across the country. Cement sector also came under profit-taking.
Traded volume peaked to an eight-year high at 783 million shares.
While several market participants made most of it, Topline Securities CEO Mohammad Sohail pointed out that it was “good for nothing” as 28pc (216m) shares changed hands in just three volume leading third-tier stocks, priced below Rs10; almost 100m shares were traded in Silk Bank (right shares) which closed at 38 paisa a share.
That position was vindicated by the trading value which stood down at Rs15.4 billion from Rs16.9bn value a day earlier.