Stocks dip 309 points on political noise.
KARACHI -- Stocks recorded extended fall for the second day with the KSE-100 index taking a deeper plunge of 308.83 points (0.91 per cent) and close at 33,539.85. The market capitalisation eroded by Rs57 billion and stood at Rs6.39 trillion.
The index oscillated between the intraday high and low by 71 points and 377 points with reduced turnover which was mostly seen in the second and third-tier scrips. Jitters caused by the announcement of Baloch National Party President Sardar Akhtar Mengal of quitting the PTI-led alliance in the federal government threatening the coalition, unnerved the market.
Investors preferred to book profit and seek the shelter of the money market where the dollar was on the rise against the rupee. They were also spooked by the mounting cases of Covid-19 with Sindh reporting the biggest single day jump in fatalities as the nationwide death toll from the novel virus rose to 3,100. Authorities also announced a lockdown for two weeks starting 7pm on Thursday in emerging hotspots in Karachi, which covers most of the city including some industrial areas.
The depressing number of Large Scale Manufacturing, depicting decline of 32.85pc on...
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