Share market declines unexpectedly

KARACHI: After catapulting to above 50,700 points on Friday, the index opened with nearly 600 points jump on the first trading day of the current week comfortably crossing the 51,000 points mark. However, Tuesday morning saw the index erode early in the day.

The index opened at 51,070.82 points, but lost 204.47 points by the time of filing of the story, hovering at 50,866.35 points close to noon.

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While the bullish trend seen by the index can be explained by the improvement in the macroeconomic sector, and rising confidence in the capital market, the sudden downturn comes as a surprise for the investors.

Part of the decline came from E&P companies, including OGDC and PPL, that were seen trading in the red. KAPCO and SNGP were also seen on the declining trend.

In the early hours of the day, over 56 million shares were traded at the bourse.