KARACHI: Massive selling pressure was witnessed at the local equity market on the first trading session of the week as the index plunged by more than 400 points below the psychologically significant 9,500 level. The KSE-100 Index closed at 9,411; a massive decline of 426 points, with a total volume of 214 million shares being traded in the market.
The law and order situation across the country and security threats in the city seriously dented the sentiments of the local and foreign players who decided to offload their holdings. Local participants however did enter at steep declines, since the practice of short term trading remains attractive due to high valuations.
Earlier, experts were bullish about the index reaching and sustaining the 10,000 point level, but a flurry of poor security news led the bears to the floor. However the availability of user friendly and ready board leverage, coupled with healthy quarterly announcements may still provide a positive trigger to local equity markets.