Local bourse continues to bleed after Moody’s downgrade

KARACHI: KSE-100, the benchmark index, lost 721 points to close at 41637.38 points on Friday, a day after Moody’s Investors Service downgraded the outlook on Pakistan’s rating to negative from stable.

As the pressure from the previous session seeped into today's trading session, the index continued to slide throughout the day, hitting the day’s low of 41561.76 points.

The market opened negative and slid down sharply as the trading commenced. The bearish trend continued for well over an hour before it picked up temporarily. It remained stable for most of the day before witnessing some peaks and troughs, to regain stability toward the close of business. 

All the major sectors, including cement and energy, took a hit in the face of investor pressure. The Moody's report added to the concerns of wary investors, expecting significant dumping by foreign sellers.