Rating cut brings further gloom to stock market

KARACHI - Moody’s verdict of downgrading of Pakistan’s credit rating turned the ailing stock market further gloomy, leading to more selling pressure.

The continued recession in the stock market led the board of KSE to prohibit on short selling in ready market and also prohibit blank selling in deliverable futures contract for one month.

The KSE-100 index opened in the red zone with 1.61 points decline and at the end of day trading the index concluded at 9,199 points, reflecting a decline of 0.71 points.