KSE breaches four barriers in reverse gear

The Karachi stock market breached four barriers in reverse gear – 9900, 9800, 9700 & 9600 – on Friday against the expectation as there was no big negative news for the day. The index plunged by 370.44 points to 9,584.79 amid low turnover.

Leading local institutions and brokerage houses offloaded their holdings to manipulate market for their vested interest, a broker said.

Index remained under selling pressure throughout the day and recorded intra-day low of 9,555.03 points.