Stocks dip 424 points on foreign selling.
KARACHI -- Stocks extended their declining streak for the second day on Thursday with the KSE-100 index diving deeper by 424 points (1.3 per cent) to settle at 33,304.
The benchmark started on a negative note mirroring the bearish mood of foreign investors and local institutions. Although the index managed to rise to intraday high by 83 points, bears continued to hold sway through the day, pushing it down to intraday low by 489 points, before some recovery prior to close of trade.
The expected decision of the government to lift lockdown did not bring cheer to the market as the country witnessed heavy increase in new COVID-19 cases and death toll. Investors were also spooked by uncertainty surrounding the MSCI review result to be announced early next week, sending pessimists on propagating a possible push to the frontier market.
Much of the damage to the sentiments was caused by the yield change in secondary market for 10-year Pakistan Investment Bonds, which marked a low of 7.64pc on April 17 and had since recovered to 8.23pc, pouring cold water on the enthusiasm of investors expecting...
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