Karachi Stock Fizzles Out
Monday, September 8, 2008 at 4:45 pm Under Business News 7 views
KARACHI:An early rally in Karachi stocks fizzled out and the rupee fell despite initial hopes that a presidential election would reduce uncertainties, as investors wanted to see concrete action to bolster the economy.
Asif Ali Zardari, swept to victory in a presidential election on Saturday to replace former army chief Pervez Musharraf, who stepped down last month rather than face impeachment.
Prime Minister Yousaf Raza Gilani, a Zardari nominee, formed a coalition led by the Pakistan People’s Party five months ago. Last month, former army chief Pervez Musharraf, who came to power in a coup in 1999, stood down rather than face impeachment.
“Since investor confidence has not yet been fully restored, cautious investors are booking profits at higher levels,” said Shuja Rizvi, director of broking at Capital One Equities Ltd.
The Karachi Stock Exchange (KSE) benchmark share index ended 0.49 percent lower, or 45.91 points, to 9,296.23, having rallied more than one percent in early trade.
KSE index which rose for six consecutive years from 2002, and was one of the top performers in Asia during that period, but plunged 41 percent from a lifetime high in April and is down more than a third since the start of the year due to political uncertainty and weak economic fundamentals.
The authorities have taken a series of measures to stop the freefall since mid-year.
On Aug. 28 they put a floor of 9,144 on the index to stop the rot, and this limit will be reviewed at a meeting on Monday due to start at 2:45 p.m. (0845 GMT).
Among the most active companies, Oil and Gas Development Co Ltd was flat at 97.93 rupees, Engro Chemicals fell 4.02 percent to 180.44 rupees, and Nishat Mills shed 4.75 percent to 46.71 rupees.
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