KARACHI: After a day after the stock market gained around 400 points over easing of economic conditions, the indices dropped on Thursday over muted activity and lack of investor confidence.
The benchmark KSE index dropped 92.87 points (0.23%) to close at 40,481.65 points. The bourse reached its highest level on 40,697.05 points but could not sustain but eventually dipped before trading was suspended. The market lost the 40,500 level regained yesterday after a rally at the stock market. The total volume of scripts dropped to 83.552 million valued at Rs3.97 billion.
Meanwhile, the lower KSE 30 index also dropped by 71.44 points (-0.38%) and closed at 18,721.68 points. The price of share of top active stock fell and were mostly seen in the red notably Hascol (-2.85%), DGKC (-1.68%), Unity (-1.37%), MLCF (0.55%), AVN (0.32%) and FFL (-1.45%). While BOP (2.16%), Lotte Chemicals (1.83%), EPCL (1.23%) and PAEL (1.58%) saw gains in share prices.
The stock market had a topsy-turvy week as it sought to regain control. Yesterday, the KSE 100 index staged a rally and gained 399.17 points over the positive outcome of the Financial Action Task Force (FATF) meeting in Paris which is reviewing Pakistan’s performance over an action plan on anti-money laundering and terror financing mechanism.
The reports that Pakistan would unlikely to be blacklisted and would be placed on the grey list till October 2020 fuelled investor optimism. The positive results from the financial results of several corporations also lend support to the market. There has also been an increase in Foreign Direct Investment (FDI) which encouraged fresh investment at the stock market.
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