Panic selling weakens Karachi Stock Exchange

Updated : Monday January 19 , 2009 6:38:43 PM
KARACHI: Panic selling has eroded values of leading scrips at Karachi Stock Exchange (KSE) Monday, as 100-Index lost 231.18 points to close at 5280.75, dealers said.The turnover volume was low at 75.985 million shares as 184 scrips sustained losses and 60 recorded gains while 8 remained unchanged.A dealer at a leading brokerage house said that market was under pressure since the start and lower locks were exercised within one hour of the opening of trading.The market capitalization was eroded by Rs 66 billion to Rs 1.677 trillion.Mybank Ltd was the volume leader with a turnover of 7.803 million shares followed by NIB Bank 7.459 million shares, PTCL 7.045 million shares, OGDC 6.635 million shares and Zeal Pak 4.941 million shares.NIB Bank closed at 4.41, PPL 126, PTCL 13.01, OGDC 46.93, WorldCall Telecom 3.51, Mybank Ltd 3.42, Zeal Pak 48 paisa and Bosicor Pakistan 5.79 and TRG Pakistan 2.33.Unilever Pakistan recorded the highest gain of Rs 87.66 to close at 1963.61 followed by Service Indus which went up by Rs 1.77 to 57.90 while Wyeth Pak dipped by Rs 130 to 2470 and Rafhan Maize went down by Rs 96.98 to 1842.72.