KARACHI – The Karachi Stock Exchange extended the early losses as the KSE-100 Index plummeted by 183.35 points or 0.54 percent to 33759.85 points till mid day trade on Monday perhaps because of foreign selling and profit-taking.
In the early trade of the same day, the KSE continued its losing streak, which had finally snapped the rally after six consecutive weeks of gains, as the benchmark KSE-100 index had earlier reached 33878.84 points with falling of 64.36 or 0.19 percent.
However, the High and Low were 34032.83 and 33633.01 respectively while the total volume traded in the market was 60,252,490 with the value of 5,142,297,505. During the week ended February 13, the index, which crossed 35,000 points in the previous week, had lost 713 points (2.1%). It had dropped below the 34,000-point level and ended the week at 33,943 points. The biggest victims of profit-taking were two the Oil and Gas Development Company and MCB Bank.
Meanwhile, correction wave continued at local bourse. Besides, shaky oil prices kept oil stocks in red zone as investors preferred to book profits in overvalued stocks, as per experts.
