KARACHI: After posting gains in the past two trading sessions, bears returned to the stock market once again and pushed it down by 672 points on Thursday because of worries about an expected hike in power tariff.
After a brief open in the positive zone, the KSE-100 index fell victim to selling pressure as investors offloaded stocks due to economic and political uncertainty. The market fell steadily till midday, however, following the arrest of Abbasi, the bourse dived and extended losses.
Uncertainty at the bourse caused all index-heavy sectors to close with a loss.
At the end of trading, the benchmark KSE 100-share Index recorded a decrease of 672.45 points, or 2.04%, to settle at 32,309.54.
Shares of 320 companies were traded. At the end of the day, 29 stocks closed higher, 275 declined and 16 remained unchanged.