KSE crashes and burns again

Rumours-led selling drags KSE-100 index 315 pts down

KARACHI: The Karachi Stock Exchange plunged once again on Thursday due to various rumours regarding futures trading and the outcome of investigation by the Securities and Exchange Commi-ssion of Pakistan into recent debacle, brokers said.

The KSE 100-share index shed 315.23 points, or 3.90 percent, to close at 7,770.33 points against the close of 8,085.56 points in the previous session. The index touched the highest level of 8,247.2 points and the lowest level of 7,751.13 points.

The index caved in after being 165 points up in the morning when the investors were upbeat about a recovery in stocks. Effectively from that point the index witnessed a fall of 499 points to an intra-day low of 7,750 points.