Dubai financial debacle hits KSE hard

KARACHI: Panic selling pulled down the prices of leading scrips at Karachi Stock Exchange (KSE) Tuesday as 100 Index plunged by 193.17 points to close at 9,013.04, dealers said.

A dealer at a leading brokerage house said that market was bearish since opening this morning, over the looming fear of the repercussions of Dubai’s debt crisis.

The market witnessed across the board selling pulling down prices of leading scrips.

The turnover volume was also low at 89.836 million shares as 105 scrips advanced and 227 sustained loss while 18 remained unchanged.

The market capitalization was eroded by Rs 53 billion to Rs 2.605 trillion.

Bank of Punjab was the volume leader with a turnover of 8.615 million shares followed by Bank Al-Falah 7.548 million shares, OGDC 7.487 million shares, PTCL 7.073 million shares and Jahangir Siddiqui Co 4.099 million shares.

Nishat Chunian closed at 16.02, PTCL 17.19, Arif Habib Sec 45.40, OGDC 104.06, MCB Bank 206.50, Bank Al-Falah 13.57, Bank of Punjab 16.96 and UBL 58.62.

Bata Pak recorded the highest increase of Rs 41.50 to 967.50 followed by Sanofi Aventis which moved up by 8.05 to 169.25 while Rafhan Maize dipped by 70 to 1480 and Unilever Food went down by Rs 68.80 to 1307.22.— APP