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Index plunges 750 points on selling pressure
KARACHI: Extending the loss of nine per cent in last two weeks, stocks drifted further south on Monday with the KSE-100 index closing down by 750.36 points (2pc) at 36,767.57. Stocks continued to bleed as investors were on a selling spree to cut losses, on concerns over the economy.
While the foreign investors have sold equity worth $356 million year-to-date, local participants have been able to absorb much of the foreign sell-off. The biggest market participant, mutual funds, has not displayed panic. UBL Funds CEO Yasir Qadri confirmed that there was no run for redemptions on mutual funds and most were sitting on ample cash, picking up stocks in measured amounts.