Stock market came under ‘bear attack’ as panic gripped investors who decided to book profit in the lead of mutual funds.
The KSE-100 index lost 517.25 points or 1.63 per cent to close at 31,239.04. The confusion over the “clients’ cash” held by KASB Securities was the principal reason for an all-out sell-off.
Although portfolio inflows were recorded at $2.55 million, the mutual funds were ahead of the panic prone herd with net sale of $8.46m worth stocks.
“It is understandable for mutual funds to be at the edge of their nerves for they are accountable for safety of savings of large number of small investors,” explained one fund manager.
The negative sentiments in the market were exacerbated by the developments on the political front as fears of confrontation between the government and PTI ignited.
