Business

KARACHI (Web Desk) – The Karachi Stock Exchange Monday plummeted over 1,000 points during intra-day trading as Asian markets also stayed on edge ahead of key data on the slowing Chinese economy.


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The benchmark KSE 100-share index was down 3.17 per cent, or 1073.78 points, trading at 32817.30.

Traders said that, after flight of foreign investment, local investors had also begun to withdraw their capital from the market.

Analysts attributed the bearish trend at the KSE to declines at other Asian markets.

Stock markets in Shanghai and Hong Kong gave up early gains to end lower Monday as dealers await fresh Chinese economic data this week, amid fears weak figures will spark more turmoil.

Shanghai’s benchmark index fell 2.52 percent, or 79.75 points, to 3,080.42. However, the Shenzhen Composite Index, which tracks stocks on China´s second exchange, edged up 0.20 percent, or 3.38 points, to 1,677.33.

In Hong Kong the Hang Seng Index shed 1.23 percent, or 257.09 points, to close at 20,583.52.