KSE-100 Index slumps 1% amid global selloff

August 05, 2024 (MLN): Pakistan's stocks have also succumbed to the global selloff. The benchmark KSE-100 Index slipped 797.85 points or 1.02% to 77,428.13 as of 11:55am.

Globally, Asian stocks tumbled at the start of a new week as fears of a deeper US economic slowdown and rising tensions in the Middle East prompted investors to shun risk assets.

Taiwan’s benchmark stock index plunged 8.4% lower, marking its worst selloff since 1967.

Taiwan, South Korea and Japan are the worst stock performers in Asia on Monday, a reflection of their export-oriented companies and reliance on the world’s biggest economy.

Japan’s benchmark gauges plunged by more than 12% on Monday, with both the Topix and the Nikkei 225 sinking into bear markets.

In South Korea, the Kospi Index has also tumbled by more than 9%, set for its worst day since 2001.

In Pakistan, top losers during the day were PSX (-4.38%), KTML (-4.05%), PIOC (-4.02%), FCCL (-3.86%), and AICL (-3.77%).

On the other hand, top gainers were YOUW (+19.43%), NATF (+3.00%), LCI (+2.94%), KOHC (+2.47%), and PKGP (+2.34%).

Read: Taiwan’s stocks suffer worst day in 57 years

Read: Asian markets tumble

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