Bearish spell continues as KSE sheds 63 points

KARACHI: The Karachi Stock Exchange (KSE) remained under selling pressure on Wednesday as stocks ended close to 9,600 psychological level.

The local bourse was positive in the opening, however, heavy selling in banking and energy sectors changed the direction towards red zone.

Investors avoided taking new positions amid continuous rupee devaluation against dollar.

The KSE-100 index lost 63 points to close at 9,603 points.

Total market turnover decreased to 145 million shares, while Lotte Pak was witnessed as the volume leader with a loss of Rs0.37/share to close at Rs10.72.

Meanwhile, parallel KSE-30 index closed at 10,038 points with a loss of 109 points.

Market experts expect a correct phase near the level of 9,500 points.