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Thursday, January 24, 2008

Equities under pressure, 100 Index sheds 68 points

1-24-2008_36018_l  

 

KARACHI: The local capital market witnessed selling pressure on Thursday suppressing the benchmark KSE-100 Index by 68 points to 13719.
The market opened positive to hit a day high of 13,836 but the momentum lost steam as energy shares fell following a decline in world crude oil prices.
But it wasn’t just the pressure from energy stocks, as dealers said political uncertainty also kept investors at bay.
Total trade volume shrank to 185 million shares, compared to an average of 238 million last week.
The broader market also stayed weak with 192 losers to 112 gainers.
Market analysts predict the market to stay in a narrow range on Friday, saying the investors are likely to stay on the sidelines.
However, they cautioned that any negative development on the political front may cause a further slide in the market.