KSE-100 Index plunges over 1,400 points
The KSE-100 Index went down 4.1%, or 1,419.4 points, to settle at 33,100.34 points on the week’s first day of trading
The KSE-100 Index went down 4.1%, or 1,419.4 points, to settle at 33,100.34 points on the week’s first day of trading. PHOTO: AFP
KARACHI:
Panic selling on Monday amidst a worldwide stock downturn led to the steepest one-day fall in the benchmark index of the Karachi Stock Exchange (KSE) in over a year.
The KSE-100 Index went down 4.1%, or 1,419.4 points, to settle at 33,100.34 points on the week’s first day of trading.
After falling 3.9% week-on-week at the end of August 21, Monday’s decline of over 1,400 points plunged the benchmark index to the 11-week low.
Speaking to The Express Tribune, Topline Securities CEO Mohammad Sohail said the sell-off was triggered by a panic that had gripped global stock markets for many days. “Going forward, the stock market is expected to react in accordance with the global trend,” he said.
Meanwhile, the Pakistani rupee shed 2.55% of its value against the US dollar, clocking in at Rs104.10 at close of the inter-bank exchange trade. It came down from the level of Rs102 to the dollar where it was capped since early 2014.
Published in The Express Tribune, August 25th, 2015.
Panic selling on Monday amidst a worldwide stock downturn led to the steepest one-day fall in the benchmark index of the Karachi Stock Exchange (KSE) in over a year.
The KSE-100 Index went down 4.1%, or 1,419.4 points, to settle at 33,100.34 points on the week’s first day of trading.
After falling 3.9% week-on-week at the end of August 21, Monday’s decline of over 1,400 points plunged the benchmark index to the 11-week low.
Speaking to The Express Tribune, Topline Securities CEO Mohammad Sohail said the sell-off was triggered by a panic that had gripped global stock markets for many days. “Going forward, the stock market is expected to react in accordance with the global trend,” he said.
Meanwhile, the Pakistani rupee shed 2.55% of its value against the US dollar, clocking in at Rs104.10 at close of the inter-bank exchange trade. It came down from the level of Rs102 to the dollar where it was capped since early 2014.
Published in The Express Tribune, August 25th, 2015.