KSE down 342 points on worsening US, Pak ties

The Karachi stock market plunged on the first trading day of the week Monday due to worsening relations between US and Pakistan as investors offloaded their holdings.

Analysts said early losses were softened as investors took advantage of the cheaper prices. The Karachi Stock Exchange (KSE) 100-share index shed a massive 341.83 points or 2.95 percent to close at 11,265.03 points as compared to 11,606.86 points of the previous trading week. The KSE 30-share index also lost 344.50 points to close at 10,751.66 points as compared with 11,096.16 points.

“Tension between US and Pakistan worried investors as they sold listed equities,” said Topline Securities Ltd dealer Samar Iqbal. “Global sell-off on stock and commodity markets also added fuel to fire.”

The market turnover went up by 0.64 percent and traded 79.81 million shares from its opening at 79.298 million shares. The overall market capitalisation declined 0.93 percent to Rs 2.972 trillion as against Rs 3.060 trillion. Losers outnumbered gainers 205 to 43, while 84 stocks were unchanged.

From: Daily Times