KARACHI: The benchmark KSE-100 plunged over 817 points to close at 31524.98 levels. During the session, the market movement took sharp swings as at one stage the index lost over 1100 points but later on recovered yet losing over 817 points which is biggest blow in the recent months.
The uncertainty was caused by political developments as well as gloomy atmosphere following killing innocent people in acts of terror in Lahore and other parts of the country besides a terrorist attack on a private school in Karachi this morning.
A report disclosed that during July to February of fiscal year 2015), the banks disbursed Rs 288.7 billion agricultural credit which is 57.8% of the overall annual target of Rs 500 billion and 32.3% higher than disbursement of Rs 218.3 billion made during the corresponding period of 2014.
Paring the initial loss of 71.73 points, KSE-100 Index plummeted to 31852.53 points from early-day level of 32270.53 points by falling 489.73 points or 1.51 percent till mid day trade.
Due to continuous foreign selling, the Karachi Stock Exchange witnessed bearish activities as the index had lost further 71.73 points or 0.22 percent to reach 32270.53 in early trade.
The investors’ cautious stance pushed index down to two weeks low. In the last session, the index had fallen by 112.65 points to close at 32,342.26 points as compared to 32,454.91 of the previous session. The KSE-30 Index dropped by 123.81 points and closed at 20,684.29 points against 20,808.10 points of last closing.