Stocks bleed as index loses nearly 900 points in intra-day trading.

KARACHI -- Stocks were hammered on Friday as the KSE-100 plunged nearly 900 points in intra-day trading amid concerns over the macroeconomic indicators.

The KSE-100 slumped to a low of 33,056 points as investors offloaded stocks following devaluation of rupee in inter-bank market.

JS Global Chief Commercial Officer Khurram Schehzad told The Express Tribune that uncertainty is fuelling the bearish sentiments.

Investors are being cautious and as they remain largely on the sidelines the volumes remain low, which is dragging share prices lower.

He said that the fluctuations in the currency market, the bleak growth outlook for the year and concerns regarding the upcoming budget are some factors contributing to the negative trend.

Rupee suffers battering in interbank

Schehzad added that even now we were only technically in the IMF and apart from an agreement there were no details on how the government plans to take things forward.

'Uncertainty kills investor confidence. In this situation, people usually dump (stocks).'

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