KARACHI: The stock market witnessed on Wednesday another turbulent session as the KSE-100 index dropped below 43,000 points.
The index fell by 710 points in the absence of positive triggers, which contributed to the overall bearish trend in the market.
The heavyweight sectors were deprived of investor interest, with investors dumping stock as the day neared close of business. The index was reluctantly dragged down.
Chemical, fertilizer, and banking sector were all in the red at the time this report was filed.
The index closed on 43,002 points at the close of business, with 13 billion shares worth Rs. 6.9 billion traded during the day.
On Tuesday, the market had ended flat, closing at 43,683 index points.
According to Topline Securities, the weakening of Rupee against the US dollar and finance ministry’s resolve to make the Amnesty Scheme successful was responsible for investors’ interest in the market.
Index heavyweight sectors like exploration and production (E&P) and banks remained under pressure as both sectors cumulatively withheld 110 points from the index.
E&Ps lagged as international prices trended on the lower side, whereas profit-taking kept banks under pressure, according to Topline Securities. The pharmaceutical sector, however, added 27 points to the index.