Bears roared yesterday as stocks fell sharply across the board, with the benchmark index touching 28,707 points, down 4% from the beginning of the session, during intraday trading.
The Karachi Stock Exchange (KSE)-100 index had lost 1,251 points by 1:44pm mainly on the back of massive selling by local institutions as well as high net worth individuals (HNWIs), analysts said.
The KSE-100 index has decreased 12.8% since March 13, this year, when major foreign funds resorted to huge divestments. Net outflows of foreign portfolio investments between March 13 and March 27 have been $46.6 million.
Heavy selling was witnessed in almost all blue-chip stocks, including DG Khan Cement, Engro Corporation, Hascol, Hubco, Maple Leaf Cement, Nishat Chunian and PSO. Their share prices dropped 5% each, resulting in a halt in trading during the session.
Share prices of 320 companies went down but the increase was recorded in only 14 stocks by 2:00pm.