KSE breaches four barriers in reverse gear
Posted on 08.26.06 by StockPK Team @ 1:41 am
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.
Sohail Ahmed of JS Research was of the view that the recent corporate results were not up to the market expectations, but on the other hand another analyst contradicted this viewpoint. Others believed that the corporate results were in line with the market expectation, but the end of the month’s rollover week created panic among the investors.
