Pakistan's KSE turns red again

08:33, May 28, 2010      

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It was bears' turn to rule the Pakistan's Karachi Stock Exchange (KSE) Thursday as the investors went on a selling spree, especially foreign investors sold their holdings that saw the main index shedding key levels once again.

The benchmark KSE 100-Index declined by 1.79 percent or 171.58 points to close at 9,439.97 levels, KSE 30-Index plunged by 2.34 percent or 224.98 points to finish at 9,393.95 levels, whereas KSE All Share Index fell by 1.74 percent or 117.57 points to conclude at 6,627.22 levels.

Market volumes also declined slightly to 103.852 million shares from Wednesday's level of 109.126 million shares, thus showing a contraction by 5.274 million shares.

Analysts are of the view that the market is still under bearish trend and would continue to remain there as the country's economic and political situation is still not good.

Government's spending on the ongoing War on terrorism is getting beyond its reach and Friends of Democratic Pakistan and other donor agencies are yet to realize their promises, therefore the government is squeezed up and it might have to content with deleting some of the mega projects in the Public Sector Development Programme (PSDP) in the upcoming budget, the analysts viewed.

They further stated that the government is finding it difficult to bring provinces on the same page as far as implementation of the Value Added Tax (VAT) is concerned, which would put it in hot waters for the fiscal planning for next financial year.

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