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Karachi stock market index sheds 600 pts

Karachi: Karachi stock market’s benchmark index on Monday fell over two percent amid across-the-board selling by foreign and local investors to book profits at significantly high levels.

The Karachi Stock Exchange’s benchmark 100-share index was trading at 26,088.45 points, down 2.2 percent or 593.33 points. Over 116.8 million shares changed hands.

“A technical correction was long overdue in the market. The market has just corrected itself,” said a senior dealer.

Dealers said that the downward correction is likely to continue in the next couple of sessions as well but buying is expected at around 26,000-point level.

Karachi market has had an extensive bull run in recent weeks on hopes that the country’s economy is likely to improve in coming months.

2013 particularly proved to be a good year for the market during which the key index gained a whopping 49 percent. The index began 2013 at 16,910 points level while year-end index level was 25,261 points.

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