Selling pressure continues at KSE (17122008)

KARACHI: The 100-Index of Karachi Stock Exchange (KSE) further fell by 372.51 points or 4.22 percent to close at 8,444.59 on Tuesday amid panic selling, mostly in second tier scrips, dealers said.
The turnover volume was high at 25.360 million shares on the second day of price flour lifting as 130 scrips sustained losses while only 17 recorded gains and three remained unchanged.
The market capitalisation was eroded by Rs 109 billion to Rs 2.593 trillion.
The activity was marred by lack of financial support from institutions, while trading activity was limited to low priced scrips.
Zeal Pak Cement was the volume leader on the second consecutive day with a turnover of 9.639 million shares followed by KESC 3.208 million shares, Dewan Salman 2.157 million shares, PIA 1.344 million shares and Telecard 1.106 million shares.
Pak PTA Ltd closed at 1.90, KESC 1.81, Dewan Salman 1.14, Zeal Pak 50 paisa, Nimir Ind Chemical 1.18 and PIA 2.25.
Jubilee Spinning recorded the highest gains of Rs 1 to 3 and Zephyr Tex moved up by 84 paisa to 2.39 while Unilever Pak dipped by Rs 111.15 to 2,111.85 and Pak Engineering down by Rs 16.13 to 306.56.-APP