KARACHI: A volatile session was witnessed on Thursday as selling pressure grabbed the Karachi stock market on the last trading day of the year.Moody’s depicted negative outlook for banking system and deteriorate law and order situation instigated the panic.
Since opening bell, the range-bound index failed to gather vigorous movement and was continuously pressurized by constant selling by anxious investors.
The KSE-100 index dropped to intraday lowest level of 9,354 points before closing at 9,386 points, with a loss of 121 points. DGKC was witnessed as the volume leader with a gain of Rs0.62/share to close at Rs35.56.
Volumes have shrunk drastically as 140mn shares were traded on Thursday, a decrease of 5mn shares as compared to Wednesday’s session.
Most of the activity was concentrated in the financial, cement and oil sectors. On the other hand, Oil exploration stocks were remained under intense selling pressure throughout the session even though Manzlai field production up 17 percent WoW basis.
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