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 Continuous foreign selling plunges KSE to 3-month low to 31,086.51 with 224-point loss

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PostSubject: Continuous foreign selling plunges KSE to 3-month low to 31,086.51 with 224-point loss   Thu 26 Mar 2015, 8:01 am

KARACHI: The Karachi Stock Market saw volatile activities and closed at 31,086.51 points losing 224 points or 0.7 percent.
The foreign selling spree shattered investors’ confidence. Cements failed to benefit from the recent discount rate cut while the textile sector remained under pressure as textile exports fell by 2.9pc MoM and 10.0pc YoY in Feb 2015.
The losing spree continued as Pakistan stocks fell 0.7pc further to 3 months low at 31,087 points. In the last 7 trading sessions, the Index is now down 5.7pc while it is down 10.95pc from its recent peak seen on Feb 03, 2015.
Discount rate cut dampened banking returns, evident by a run on most banking stocks through the day’s trade. A further fall in Brent oil saw its effect on the oil & gas sector as almost all oil & gas scripts ended negative, commented analyst Arhum Ghous.
As investors are concerned on continuous selling by offshore investors, no aggressive buying is coming at these levels despite the recent fall in interest rates, observed Samar Iqbal VP at Equity Sales Topline Securities.
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