KSE-100 Index nosedives over 900 points during intra-day trading
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KARACHI: The KSE-100 index on Thursday nosedived over 900 points in intra-day trading wiping off some of the gains made in the previous sessions.
In a comment, Arif Habib Limited Head of Research Samiullah Tariq said that the market was undergoing a correction phase because, in the past few days, it rose exceptionally and therefore a correction was anticipated sooner or later.
“Moreover, the axle load law is in the headlines once again and if implemented, it will have a negative impact on certain sectors hence scrips of those sectors invited selling pressure,” he added.
On the other hand, the yield of PIB auction, which took place late on Wednesday, increased once again after being on a downward trajectory for the past many weeks.
According to the analyst, the rise in the yield dented investor sentiments who speculated monetary easing.
At 3:28 PM, the KSE-100 index was trading at 37,091.88 points after a decline of 945.8 points or 2.55%.
“However, the plunge in the KSE-100 index does not seem to be emerging from speculation over the monetary policy to be announced on Friday,” the analyst added.
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