KARACHI: The Karachi stocks started week, having rollercoaster ride as KSE-100 index witnessed rise and sharp fall in early trading. However, the market gained 20.49 points to come back on track and reached 34467.96 points level.
Last week, a huge volatility was recorded in the Karachi market following the trend in regional equities and commodities markets. The KSE-100 after falling by 4 per cent on Monday recovered to close down by 0.2% WoW. Rate cut and change in reserve requirement ratios by China on Wednesday were the catalyst for recovery in global markets in the later part of the week. Foreigners remained net sellers in Pakistani market during the week as they sold shares worth $42.2m. Their total net selling for the month has now reached US$79.9mn while their 2015YTD net selling has reached US$175.7mn.
During the week, meltdown in global equities and currencies sparked a firestorm at the Karachi Stock Exchange (KSE) as well, as the benchmark KSE-100 index shed 6.1% during the last two trading sessions.
