KARACHI (62 News) – Pakistan Stock Exchange (PSX) was dictated by the bear run and the index suffered a fall of more than 300 points as selling from the foreign fund houses influenced the mood of domestic investors.
The stock market in the early hours was almost directionless but soon received fresh blood from mutual funds and financial institutions lifting the market to touch session high of 43781 points. But rally failed to last long and selling from foreign fund houses clipped the gains and index reached to session low of 43215 points. The index again got support and from losing more than 400 points, it closed with fall of 337 points to 43353 points.
Local stock market was bit shaky because of downturn witnessed in crude oil prices and global bourses, said an analyst from leading brokerage house. He further said local horizon also did not give any trigger for the domestic investors.
The market appeared to be in oversold position and need some positive development on the economic and political fronts to boost sentiment and propel the index.
Selling seen in all the choice scrips as investors found levels attractive to book available gains, they are waiting for more slide which help establish new positions in the companies belonging to cement, food, textile, oil and gas sectors.