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946pts ooze out of KSE-100 amidst rumours of anti-corruption crackdown

946pts ooze out of KSE-100 amidst rumours of anti-corruption crackdown

KARACHI: The Karachi Stock Exchange benchmark 100-index lost 946.60 points or 2.79 percent to reach 33891.08 points and volume of 122,430,710shares on Monday.
In line with most Asian stocks, the benchmark index of the Karachi Stock Exchange (KSE) plunged by over 1,000 points in intraday trading on Monday.
The KSE-100 Index stood at 32,965 points at 1pm after registering a decline of 2.73% since the beginning of trading at 9:30am.
“Today the rumours about the potential arrests of stock (market)-related people intensified the panic,” said Mohammad Sohail, an analyst and the chief of Topline Securities.
Earlier, the Karachi Stock Exchange took a negative start by dropping 106.27 points as 100-index down by 0.31 per cent to reach 33784.81 points level.
On Friday, the benchmark KSE-100 index closed 1.6 percent WoW lower with average trading volumes too clocking in 3.7 percent WoW lower at 289 million shares per day. During the week, average daily volumes declined by 4 percent, whereas traded value declined by 11 percent to (Rs12.4 billion. On Friday volume fell to 10 weeks low of Rs9.6 billion versus this year average of Rs13 billion a day.
High and low were 33891.08 and 32760.76 respectively. Total volume traded in the market was 122,430,710 shares.