KSE-100 index plummets 1,251 points


A downward trend continued at the Karachi Stock Exchange on Monday with the KSE-100 index fell as much as 1,251 points in the intra-day trading.

Prices of stocks of at least 310 companies on the KSE index fell sharply to continue the downward trend which started last week when the KSE lost 800 points in a day as foreign investors resorted to unloading their shares in the market.

On Monday market analysts said the KSE-100 index had touched 28,707 points, down 4 per cent from its previous close.

“There was massive selling by local institutions today as well as from high net worth individuals (HNWIs), one analyst said. Some of the HNWIs received margin calls today after two weeks of consistent declines in the benchmark index,” an analyst said.

The KSE-100 index has decreased 12.8 per cent since March 13 when major foreign funds resorted to huge divestments.

Net outflows of foreign portfolio investments between March 13 and March 27 have been USD 46.6 million.

Another analyst said the net loss in money terms at the KSE could be around 200 billion rupees due to the downward trend.