Business | Markets
Karachi shares fall for sixth day
Pakistan's key stock index fell for a sixth day, extending a four-year low, as concern about further sales by overseas investors damped sentiment. Oil & Gas Development Co, the biggest fuel explorer, led the fall.
- Bloomberg
- Published: 23:19 January 21, 2009
Karachi: Pakistan's key stock index fell for a sixth day, extending a four-year low, as concern about further sales by overseas investors damped sentiment. Oil & Gas Development Co, the biggest fuel explorer, led the fall.
The Karachi 100 Index lost 121.80, or 2.3 per cent, to 5136.48, extending its decline in past six days to 15 per cent.
"The consistent selling pressure by overseas investors is playing negatively on the minds of local investors," said Asif Ali Qureshi, head of research at Invisor Securities in Karachi.
Foreign investors sold a net $80.6 million of shares in the first 20 days of this month, according to data posted on the website of National Clearing Company of Pakistan, which handles all stock transactions in the country. The benchmark index has declined 44 per cent since the exchange lifted trading curbs on Dec. 15 that prevented the measure from falling below its August 27 level.
National Bank of Pakistan, the biggest lender by assets, shed Rs2.73, or five per cent, to 51.94. Oil & Gas Development, the No 1 company on the exchange by value, lost Rs2.05 or 4.4 per cent to Rs44.46. Pakistan Telecommunication, the largest phone service provider fell Rs0.50, or 3.7 per cent, to Rs12.92
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