KSE comes to a red end

KARACHI: Karachi Stock Exchange (KSE) ended more than 1.3 percent lower on Thursday, hit by a global market sell-off and by investors booking profits following a seven-week high the previous day, dealers said.

A grim outlook for the US economy from the Federal Reserve and signs of a slowing in China and Germany sent world stocks tumbling on Thursday, and drove investors into safer currencies and government bonds.

"Bearish activity was witnessed in stocks across the board after a major fall in global stocks and commodities on the US Fed statement warning a significant downside risk to the US economy and Moody's downgrade of three US banks," said a senior broker.

The KSE benchmark 100-share index fell 1.36 percent or 161.75 points to end at 11,690.23.
Volume stood at 82.73 million shares, compared with 117.13 million shares traded on Wednesday. (Reuters)