Karachi stock market remains in grip of bears

LAHORE - Market remained in grip of bears in continuation of the trend that has been prevalent for the last five weeks.
The Karachi Stock Exchange benchmark 100 index lost the previous day gains and closed at 9,178.73 points level after loosing 2.75 points.
Experts said that most of the activity remained confined to small scrips while listless trading was witnessed in blue chips. Volume picked up slightly to 2.039 million shares as compared to 1.56 millions on the day earlier.
Technically, situation hasn’t changed much over the last few days due to listless trading activity and zero volatility. Analysts expected further slide following removal of floor to around 5,000-6,000 levels. They advised the investors to sell in anticipation of further drop in values.
Known banker Shaukat Tareen was appointed advisor to the Prime Minister. This is one positive news market got after a long time. State Bank of Pakistan is planning to cut CRR and SLR requirement for banks by 100 bps. That will ease liquidity position and help ease pressure on market.
Earlier, the market without any change in trend opened at last closing level at 9181.48 points. After remaining at same level for almost an hour it jumped to 9183.72 points to establish intraday high but failed to advance further or stay there and came down. Loosing earlier as well as yesterday gains it went down to 9178.73 points and closed there after loosing 2.75 points.