BISINISS WORLD NEWS

KARACHI: The local bourse witnessed another depressing session on Thursday as benchmark-100 lost 24 points to close at 9,580 points.

The stock market kept moving in both directions throughout the session. Index once dropped to 9,400 levels, however, institutional interest in oil & gas and fertilizer sectors helped benchmark recovering from deep red to moderate zone.

Total market turnover inched up to 180 million shares. Once again, Lotte Pak was crowned as the volume leader, down by Rs0.30/share to close at Rs10.37.

Stock experts said financial results could bring extraordinary change in the market sentiments.

KARACHI: The Karachi Stock Exchange (KSE) remained under selling pressure on Wednesday as stocks ended close to 9,600 psychological level.

The local bourse was positive in the opening, however, heavy selling in banking and energy sectors changed the direction towards red zone.

Investors avoided taking new positions amid continuous rupee devaluation against dollar.

The KSE-100 index lost 63 points to close at 9,603 points.

Total market turnover decreased to 145 million shares, while Lotte Pak was witnessed as the volume leader with a loss of Rs0.37/share to close at Rs10.72.

Meanwhile, parallel KSE-30 index closed at 10,038 points with a loss of 109 points.

Market experts expect a correct phase near the level of 9,500 points.

KARACHI: Heavy selling grabbed the local bourse on Tuesday as KSE-100 index was unable to maintain the 9,700 psychological level.

Market started the day in green zone as benchmark index moved in a positive direction after making double peak, but eventually became a victim of prevailing bearish spell before closing time.

The index depleted by 23 points again, with volumes reaching 161 million shares as stocks ended at 9,666 points.

Investors preferred selling in energy stocks despite impressive financial results by FFBL.

Yesterday’s FIPS data reveals that foreign investors were offloading their investments, which has contributed towards negative market sentiment.

FFBL was crowned as the volume leader, down by Rs0.12/share to close at Rs32.12.

Meanwhile, junior KSE-30 index closed at 10,147 points with a loss of 25 points.

“SBP is expected to disclose monetary policy stance on January 31, 2010 where market principles suggest that their will be no rate cut,” said a market expert adding, result season is in full swing which may change the dimensions of the index.

KARACHI: The dollar continued its upward march versus the rupee and cross the level of Rs.86 in open market on Monday.

The president of Exchange Companies Association of Pakistan Haji Haroon told Geo News that smuggling of dollar to Afghanistan is the cause of rise in demand of dollar and it is traded at Rs.86 for buying and Rs.86.20 for selling.

According to forex market dealers, the up in dollar rate against rupee forced people to minimize sell of dollar. Therefore, the supply has also been declined which is the reason of higher rate. The dollar gained 0. 6 paisa against rupee and closed at Rs.84.61, they added.