31.5pc value lost as KSE loses another 193 points

Continuation of losing spree remained intact even on the third business week on Monday after the removal of floor when the dilapidated Karachi Stock Exchange went further down as KSE bourse had lost 192.85 points and wrapped up at 6294.67 tumbling another 2.97 percent - meaning the market has lost about 31.5 percent of its value and made the market to lose nearly a third of its value in just two weeks.

The market has been melting down since December 15, when regulators removed a “floor” on the benchmark index imposed in August to stop such colossal losses to investors and brokers.

The tumbling KSE-100 shed 192.85 points to close at 6,294.67 on Monday came down under 6,500 points first time where 83 scrips recorded gain, 113 landed in the negative column and 5 scrips remained unchanged out of a total of 201 companies.

As usual the bourse opened in the negative zone and remained under selling pressure throughout the business session. Volume was at 61.4 million shares ��" an improvement over Friday’s trade, but less than a quarter of the 250 million shares traded daily last year.

Senior analysts believe that market would see improvement only if support fund is introduced within coming few days.

It seems that there is an autumn season prevailing in Karachi Stock Exchange market while analysts are opined that only government bailout could stem the heavy losses.

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