KARACHI - The Karachi Stock Market tumbled on Monday, with market heavy weights MCB and OGDC contributing around 200 points to the market fall.

At local equity market benchmark KSE-100 share index shed 551.48 points or 2.33 percent to stop the day at 23088.49 points compared to 23639.97 points of the previous day.

KSE-Allshare index off by 374.32 points or 2.21 points, KSE-30 share index decreased by 483.32 points or 2.67 percent to end the day at 17637.25 points while KMI-30 share index misplaced 801.05 points or 2.04 percent to close the day at 38462.63 points.

A dealer said MCB declined by Rs14 and OGDC decline by Rs6.4. Benchmark index closed 2.33pc down with improving volumes. Telecard remained the volume leader amid profit growth expectations, 28m shares exchanged hands while share price registered a growth of 9pc. BoP and National Bank also remained active with 23m shares and 15m shares respectively.

The day turnover of stock market in term of shares was 235.880 million shares after opening at 150.536 million shares.  Value of traded shares was climbed to Rs 7.970 billion from Rs 4.369 billion while the capitalisation of the KSE settled at Rs 5.419 trillion compared to Rs 5.542 trillion of a day earlier.

Total 354 companies were active on Tuesday where 232 witnessed decline and only 97 closed in green while the value of 25 remained intact. Downhill trend was led by Nestle Pak and Rafhan MaizeXD as they down by Rs 200 to Rs 6000 and Rs 173 to Rs 4884.63. Island Textile was the top price gainer of the day increased by Rs 22.50 to Rs 999 followed by Indus Dyeing up by Rs 8.99 to Rs 893.99.

Active list was again topped by Telecard Limited with 27.763 million shares as it closed at Rs 6.86 after opening at Rs 6.30. Bank of Punjab was on the second position with 21.036 million shares shed by Re 0.31 to Rs 12.42. It was followed by National Bank with 14.926 million shares off by Rs 2.06 to Rs 54, Nimir Ind. Chemicals with 13.645 million shares up by Rs 1 to Rs 7.18 and PIAC (A) with 10.424 million shares grew by Re 0.13 to Rs 8.64.