CHI (Reuters) Shares at Karachi share market ended more than 1.3 per cent lower on Thursday, hit by a global market sell-off and by investors booking profits following a seven-week high the previous day, dealers said.
A grim outlook for the U.S. economy from the Federal Reserve and signs of a slowing in China and Germany sent world stocks tumbling on Thursday, and drove investors into safer currencies and government bonds.
Bearish activity was witnessed in stocks across the board after a major fall in global stocks and commodities on the U.S. Fed statement warning a significant downside risk to the U.S. economy and Moodys downgrade of three U.S. banks, said Ahsan Mehanti, director at Arif Habib Investments.
The KSE benchmark 100-share index fell 1.36 percent or 161.75 points to end at 11,690.23.
Volume was 82.73 million shares, compared with 117.13 million shares traded on Wednesday.
While, the Islamabad Stock Exchange (ISE-10) on Thursday witnessed bearish trend as the index closed at 2,559.45 by losing 110.77 points as against 2,670.22.
Senior Equity Dealer, Ismail Iqbal Pvt Ltd, Zaheer Ahmed told APP that the decline in international markets caused negative sentiments in the local equity markets.
He said that after consecutive bullish trend for last many days,
the local markets passed through technical corrections.
Stock Analyst First National Equity Pvt Ltd, M.M Hassan said that there were no negative sentiments in the markets except the decline in international markets. He added that the majority investors off-loaded positions for profit taking as they took positions at lower level of the index.
Total shares traded were 54,010, which were down by 19,015 as compared to previous days trading. Out of 121 companies, the share price of 34 companies increased while that of 87 decreased.
The price of top gainer Millat Tractors increased by Rs. 7.77 while that of top loser Pakistan Petroleum decreased by Rs. 5.13.
National Bank of Pakistan, D.G Khan Cement and Nishat Mills remained volume leaders on Thursday, with 14,000, 10,000 and 10,000 shares respectively.