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Closing: KSE 100-index drops 700pts, down 1.99% on heavy foreign selling

Closing: KSE 100-index drops 700pts, down 1.99% on heavy foreign selling

KARACHI: The Karachi Stock Exchange benchmark 100-index lost 699.82 points or 1.99 percent to reach 34519.77 points and volume of 189,419,190 shares on Friday.
On Thursday, the KSE closed bearish amid investors’ fears for foreign selling as a result the KSE-100 Index dropped 242 points or 0.68pc to close at 35,219.59 points.
Analyst Ahsan Mehanti at Arif Habib Limited said weak earnings outlook in oil sector after WTI (West Texas Intermediate) crude price plunge below $41/barrel, rupee depreciation, decline in banking deposits by 5.25 percent and concerns for major fall in global stocks and commodities catalysed bearish sentiments. Oil and gas sector witnessed sharp selling after global oil prices fell to record lows.
High and low were 35278.88 and 34275.45 respectively. Total volume traded in the market was 189,419,190 shares.