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KSE loses 83 points on fears of GDP growth target revision.

KARACHI, Aug. 13 -- Fears of downward revision in economic growth target amid high chances of further tightening of the monetary policy dragged the Karachi stock market further into the red zone.

The Karachi Stock Exchange (KSE) 100-share index shed 82.87 points or 0.84 percent to close at 9,792.81 points as compared to the previous session's 9,875.68 points. The KSE 30-share index closed at 9,692.71 points with a loss of 89.81 points. The KMI 30 closed at 14,980.51 points with a fall of 70.95 points. The KSE 100 all-share index closed at 6,859.36 points with a decline of 54.70 points.

Analysts said the market like the previous session opened in the green zone but during later part of the session failed to sustain its positive opening closing eventually in the negative zone.

The market turnover went down by 58.56 percent and traded 25.54 million shares as compared with the previous session's 61.64 million shares.

The overall market capitalisation decreased by 0.82 percent and traded Rs 2.751 trillion as against Rs 2.774 trillion. Out of 328 active companies, 121 closed in the positive zone, 185 in negative while 22 were unchanged.

"The first day of Ramazan saw very low volumes which stood around 25 million shares," said Topline Sec analyst Samar Iqbal. "The much awaited result of Oil and Gas Development Company also failed to attract the investors on its less-than-expected payout."

AHSL remained the volume leader for the second consecutive day of this week as it saw heavy battering on lower-than-expected result and closed at its lower circuit breaker.

"Negative activity continued as State Bank raised T-bill rates by 41 basis points," said Arif Habib Investment Ltd Director Ahsan Mehanti. "Investors preferred to book profits on concerns over rising Consumer Price Index, fiscal deficit and economic concerns."

Fall in international oil prices near to $77 and global capital markets on uncertain economic outlook played a catalyst role in the negative activity, he added.

The KSE 100-share index opened in the green zone with a gain of 2.20 points and at the end of the day closed at 9,792.81 with a loss of 82.87 points. staff report

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Publication:Daily Times (Lahore, Pakistan)
Date:Aug 13, 2010
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