KSE ended at 11375, losing huge 471 points

KARACHI: Karachi Stock Exchange (KSE) Friday hit by the storming global slump coupled with the local worst law and order situation went reeling down to 14 weeks’ lowest at the end of business.

The market opening with heavy clouds of pessimism soon went crashing like the house of cards, as the foreign investors preferred unloading their holdings and the local investors following the suit made beeline for the sell-off that saw the KSE benchmark 100-share index at one time losing by over 500 points, while the profit-takers came in to the rescue of the market buying some blue chips that enabled it to make some recovery at close losing by 471 points to end at 11,375, the 14 weeks’ lowest.

At least nine companies’ shares were seen closing at their one day’s lowest. Turnover today stood at 110 million shares.

On the other hand, KSE-30 index shedding 459 points ended at 10,769.

Analysts said that some support might be seen in the market next week.