Karachi Stock Exchange (KSE) ended in the red zone on Friday - last trading day of the week - as the benchmark KSE 100-index shed 12 points to close at 7,039 points due to day-end profit-taking, and fears regarding capital value tax (CVT) imposition.
"Premonitions gripped the market and it closed in the red zone on profit-booking," market expert told The Financial Daily.
He said negative activities in the first session were due to the apprehensions that CVT would be imposed again also there was no support in the market.
However, the second session witnessed some positive activities due to the hopes that a new leverage product would be launched soon but the day-end profit-taking let the index close negative.
Earlier, the market started with a gain of 8 points but could not sustain its position and soon plunged into the red zone and remained there throughout the first session. During this session, the index breached 7,000 level and touched an intraday low of 6,980 points (-ve 71 points).
In second session, the index gave visits to both negative and positive zones - moving in a narrow range. At about 3:13pm, index managed to touch an intraday high of 7,076 points (+ve 25 points) but selling pressure at the end didn't allow the green numbers to stay and market closed in the negative zone.
Despite negative end, foreign investors were the net buyers.
Data released by National Clearing Company of Pakistan Limited (NCCPL) showed there was net foreign buying of $2.6 million during the day.
KSE 30-Index dropped 44 points to close at 7,448 points and KSE all share index lost 8 points to close at 5,047 points.
Out of total 256 active issues, 131 declined and 98 advanced while 27 issues remained unchanged. Investor participation remained low throughout the day as volumes reduced to around 97 million shares which are 48 million shares less as compared to a turnover of 145 million shares a day earlier.
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