KARACHI: Stocks declined again on Thursday after volatile trading, as the KSE-100 index shed 193.49 points (0.58 per cent) to settle at 33,152.07.
The market started out on a strong note adding 390 points, but all the gains were swept away as panic and uncertainty pull the index to intra-day low by 252 points.
Traded volume rose to 183 million shares but stood down by 47pc over the three-month average of 341m shares, while value declined by 27pc to Rs9.1 billion from the three-month average of Rs12.6bn.
Foreigners took profit by the sale of $2.5m worth stocks.
Dealers at Topline Securities said that the market opened positive as participants tracked the surge in regional markets and recovery in crude (WTI) prices. Yet, volatility was observed in regional and European markets ahead of Fed’s policy decision.
Analysts at AKD Securities stated: “With market expectations of a likely reversal in the US monetary policy, regional markets and the KSE can witness a rise in volatility”.
Institutions remained cautious over Fed decision and tensed political situation in the country. Individuals preferred to sell intra-day positions over shift in market sentiment.
Market watchers said that negativity came in after the media reports of NAB serving notices of explanation to 10 influential market players. With the already ongoing investigations the market sentiment was weak with lacklustre volumes and the reports further deteriorated investors’ confidence.
However, cherry-picking was seen in oil scrips along with heavy machinery producer of auto sector where major gainers were AGTL (0.9pc), GHNL (5pc), NRL (1.8pc) and ATRL (0.45pc).