Karachi bourse stays range bound amid violence

21:16, August 03, 2010      

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Amid clouds of violence in the biggest metropolis of Pakistan, the country's premier bourse remained lackluster on Tuesday with investors remained scarce at Karachi Stock Exchange (KSE).

The benchmark KSE 100-Index inched up by 0.15 percent or 15.11 points to close at 10,388.64 levels, KSE 30-Index improved marginally by 0.14 percent or 14.07 points to end at 10,343.76 levels, and KSE All Share Index moved up slightly by 0.15 percent or 10.52 points to finish the dismal day at 7,264.26 levels.

The market started the day amid negative movements as the main index fell into the red zone in no time hitting the intraday low of 10,331.49. However, the negative sentiments were soon wiped out by local institutions and foreign investors who continued to keep buying in Pakistan's capital market that helped the key index regaining its confidence and it jumped into the green territory where at one stage it achieved the highest level of the day of 10, 430.61 before closing just a touch below 10,400 levels.

It was the second trading session after the State Bank of Pakistan (SBP) decided to increase its benchmark discount rate by 50 basis points to help arrest the inflation and deal with the fiscal deficit challenge.

The KSE 100-Index had lost 1.38 percent value on Monday as investors pushed the panic button on after the increase in the interest rate but today mostly local institutions were there at the Exchange as individual investors found no means to reach the KSE premises owing to poor law and order situation in Karachi.
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