Karachi Stock Exchange-100 Index Stocks Down; Market Awaits Word On Floor
Tuesday, September 9, 2008 at 5:02 pm
Karachi stocks market edged lower in dull trade on Tuesday as investors waited for the outcome of a meeting to decide about a floor placed on the index last month after heavy losses.
The floor was imposed on Aug. 28 at 9,144 points, and was one of a series of steps by authorities to protect share prices. The index has fallen 41 percent since a life-high in April on worry about politics and deteriorating economic fundamentals.
The Karachi Stock Exchange (KSE) benchmark 100-share index shed 0.18 percent, or 16.61 points, to 9,279.62 on low turnover of 7.62 million shares.
“Investors are still waiting for the outcome of the meeting,” said Sajid Bhanji, a dealer at brokers Arif Habib Ltd.
Members of the Karachi Stock Exchange (KSE) asked the board at a meeting on Monday to maintain the floor to stop further sharp losses in share values, market sources told Reuters.
The board is scheduled to meet at 3:00 p.m. (0900 GMT), an exchange official said.
Dealers said investors were hopeful about reduced political uncertainty after Asif Ali Zardari, was sworn in as president on Tuesday.
However, dealers said investors confidence would only be restored if authorities take quick and concrete steps to address macro-economic problems.
Among the most active companies, volume leader NIB Bank fell 0.57 percent to 8.69 rupees, Engro Chemicals Ltd. rose 0.31 percent to 181 rupees, while Worldcall Telecom was flat at 7.80 rupees.
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