Stocks tumble as KSE 100-share Index drops 817 points

KARACHI: Bearish spell at Karachi Stock Exchange (KSE) grew in strength on Wednesday, as the benchmark KSE 100-share Index witnessed a sharp decline of 817.28 points or 2.5 percent to close at 31,524.

During the intra-day trading, the main Index at one point took a nosedive and lost over 1,000 points. But, some support was seen at the bottom which helped the Index regain about 200 points. However, the market remained deeply mired the red zone and the Index lost over 800 points at market close.

The local bourse remained bearish for the third consecutive day in the backdrop of deteriorating law and order situation.

According to capital market analysts, the selling of shares from foreign investors and mutual fund institutions has kept Pakistan biggest stock market under pressure.