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Global ‘stock crisis’ rips 1,419pts off KSE 100-index

Global ‘stock crisis’ rips 1,419pts off KSE 100-index

KARACHI: The Karachi Stock Exchange benchmark 100-index lost 1419.43 points or 4.11 percent to reach 33100.34points and volume of 194,654,870shares on Monday.
The KSE witnessed a three month low and market capitalization suffered a loss of almost Rs270 billion. Out of 100 companies, 81 have hit 5 per cent lower lock.
Biggest markets of Asia including Hong Kong, China and Japan also plummeted on Monday.
Asia’s losses followed a steep fall in US and European stocks on Friday, while the price of several commodities plunged to multi-year lows and emerging market currencies took a battering.
Global equities have lost more than $5 trillion in value since China’s shock currency devaluation on August 11 sparked fears its economy is slowing more than thought.
Data on Friday showing Chinese manufacturing activity slowed to a 77-month low added to the gloom, signalling that even a campaign by Beijing to stimulate growth by cutting interest rates and boosting lending is not working.
High and low were 34519.77 and 33027.52 respectively. Total volume traded in the market was 194,654,870 shares.