Profit-taking erodes values at Karachi stock market; up 69 points

Profit taking eroded morning gains in leading scrips at Karachi Stock Exchange (KSE) but 100-index surged by 68.94 points to close at 6143.81 on fourth consecutive day while the investors were irritated over waiting for the launch of government market supporting fund.

The Karachi Stock Exchange’s benchmark KSE-100 index while on gaining spree close at 6143.81 crossing the physiological barrier of 6,000 points. Though the market landed in the positive column but it seems that optimistic signs are taking the turn again to pessimistic sentiments. The optimistic signs are obvious when bourse opened with a positive note and its both session remained positive while at mid-session the index had gained over 169 points before dropping back to 69 points at the closing session.

Volume was remained in downward trend of 145.449 million as compared to 165.193 million on last working day Tuesday, far below the average 250 million shares that was the daily routine when bourse was considered to be a best performer market in Asia in 2007.

Shares have taken U-turn after the announcement of marketing supporting fund last Thursday close. At that time the bourse had already been lost 37 per cent of its value since December 15, when regulators removed a “floor” imposed in August to stop heavy losses on the KSE-100.

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