Stock Market lost the Bullish fervour today, where the KSE-100 index dropped 392 points. The KSE-100 rose to the intra-day high to about 238 points. Since most of the cement, steel and technology sectors reached their 52-week high, the KSE-100 dropped due to the selling pressure.
The analyst from Arif Habib Ltd explained, “The market was dominated by mark-to-market activity by institutions (as Tuesday’s settlement falls on Dec 31) as well as partly due to profit booking”.
The investors were found selling to the profits as they saw another buying oppurtunity on lower rates for the banks, cement, power, fertillizer and the production sector