KARACHI

Following Asian stock market trend, record fall witnessed at Karachi Stock market on Monday after global stocks tumbled on China economic turmoil and drop in oil prices.

The benchmark KSE-100 Index witnessed historic slump of 1419.43 points or 4.11pc decline to close at 33,100.34 points.

Analyst Ahmed Saeed Khan at JS Global stated the market took a nose dive today following downtrend in regional markets. The negativity in the market can be attributed to consistent foreign selling throughout last week, with the trend continuing today as well.

Today turned out to be the ‘Black Day’ for KSE where all the top 100 companies of the index closed at limit down or near it.

Analyst Ahsan Mehanti observed that KSE indexes witnessed their historical biggest point drop amid fears for slow economic growth. Political uncertainty, weak textile exports data for Jul’15, rupee depreciation and dismal earnings announcements in oil sector played a catalyst role in major fall at KSE.

Dealers said the bourse witnessed a three month low and market capitalisation has suffered a loss of almost Rs300 billion.

Out of 366 traded companies in the session, 337 closed in decline, 24 concluded in advance while 5 remained unchanged. Analysts said the slump has been a worldwide trend as major stock markets of the world suffered huge losses as bears overwhelmed the market amid sharply declining oil prices and recent slowdown of the economy of China.