KSE gets battering on panic selling (18122008)

KARACHI: The 100-Index of Karachi Stock Exchange (KSE) further fell by 338.96 points or 4.01 percent to close at 8,105.63 on Wednesday on lack of support. The turnover volume has surged to 57.820 million shares as 142 scrips sustained losses while only 14 recorded gains and 5 remained unchanged.
The market capitalisation was eroded by Rs 97.772 billion to Rs 2.495 trillion.
The selling was all around in the absence of financial support and very few scrips recorded gain. Unless, support fund is available, market will not return to normal trading, a dealer said.
TRG Pakistan was the volume leader with a turnover of 14.945 million shares followed by Pakistan Cement 5.746 million shares, Zeal Pak 4.981 million shares, Pak PTA 4.424 million shares and KESC 4.378 million shares.
Pak PTA Ltd. closed at 1.50, KESC 1.85, Dewan Salman 1.10, Zeal Pak 63 paisa, TRG Pakistan 1.30, Nimir Ind Chemical 1.31 and PIA 2.10.
Ismail Industries recorded the highest gains of Rs 2.05 to 43.18 and Nimir Resins moved up by 34 paisa to 3.73 while Pak Services dipped by Rs 26.43 to 502.24 and Pak Engineering down by Rs 15.32 to 291.24.-APP