Stocks dip as grey list retention disappoints investors.
KARACHI -- The stock market remained in search of direction on Friday as the euphoria witnessed on Thursday was all but gone. The KSE-100 index fell by 100.61 points, or 0.22 per cent, to 45,865.02.
The major selling came from ''brokers proprietary trading'' in the sum of $1m. Insurance companies also decided to take profit ahead of the weekend.
Cherry-picking was witnessed by foreign investors, individuals and mutual funds.
The market opened in the green and chugged along with the high-priced scrips coming under immediate selling pressure. AutoAmobile, technology and EandP shares turned red. The investors did not seem to take the FATF plenary meeting report which was held by the watchdog between Feb 22-22, in their stride although FATF did appreciate the progress made on the action plan and declared that the country had largely addressed 24 of the 27 targets.
The FATF nonetheless postponed the deadline till June to comply with the remaining three to take Pakistan off the hook of grey listing.
Other than that investors moved cautiously as Friday...
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