KARACHI: The benchmark of representative shares demonstrated a puzzling trend on Thursday as trading began on a high note.

Topline Securities said the KSE-100 index carried forward the bullish momentum from a day ago and made an intraday high of 395 points or 0.82 per cent.

However, an unexpected and across-theboard sell-off in the latter half of the session disrupted the market momentum. As a result, the benchmark index lost its gains recorded early in the day. In fact, the index slipped into the negative territory and ultimately closed the day below the 48,000-point psychological level.

The brokerage attributed the selling spree to the `no official confirmation` from the InternationalMonetary Fund or the Ministry of Finance either with respect to the news that the Washington-based lender had green-lighted the circular debt manage-ment plan.

As a result, the KSE-100 index settled at 47,808.34 points, down 419.26 points or 0.87pc from the preceding session.The overall trading volume increased 3.2pc to 322.2 million shares. The traded value decreased 10.8pc to Rs12.7bn on a day-on-day basis.Stocks contributing significantly to the traded volume included WorldCall Telecom Ltd (41.5m shares), Bank Alfalah Ltd (23.2m shares), Oil and GasDevelopment Company Ltd (22m shares), TPL Properties Ltd (21.1m shares) and Cnergyico PK Ltd (16.7m shares).

Companies registering the biggest increases in their share prices in absolute terms were Nestle Pakistan Ltd (Rs95.18), Rafhan Maize Products Company Ltd (Rs40), Shield Corporation Ltd (Rs19.90), Atlas Honda Ltd (Rs9) and Dawood Hercules Corporation Ltd (Rs8.40).

Companies that recorded the biggest declines in their share prices in absolute terms were Siemens Pakistan Engineering Ltd (Rs22.99), ZIL Ltd (Rs15), Gadoon Textile Mills Ltd (Rs11.66), Archroma Pakistan Ltd (Rs10) and Lucky Core Industries Ltd (Rs9.39).

Foreign investors were net buyers as they purchased shares worth $1.53m.