Bearish trend prevails in Karachi Stock Exchange
Wednesday, 29 April 2009
KARACHI, April 28 (agencies): The bearish trend prevails in Karachi Stock Exchange (KSE) Tuesday as benchmark KSE 100-Index shed 122 more points to plunge at 7223 points level.
Market pundits attributed this bout of pessimism in the market to deteriorating law and order situation in northern areas, non-availability of product for those working on leverage basis and expectation of more discount rate despite one per cent discount absorption by the market.
Meanwhile: The board of directors of Engro Chemical Pakistan Ltd, has, in principle agreed to carry out a de-merger of Engro Chemical.According to Engro's communique to KSE Tuesday, the board of directors in its meeting today, has agreed to bifurcate fertilizer business of the company and transfer or merge into a wholly owned subsidiary, to be incorporated through legal process.
Market pundits attributed this bout of pessimism in the market to deteriorating law and order situation in northern areas, non-availability of product for those working on leverage basis and expectation of more discount rate despite one per cent discount absorption by the market.
Meanwhile: The board of directors of Engro Chemical Pakistan Ltd, has, in principle agreed to carry out a de-merger of Engro Chemical.According to Engro's communique to KSE Tuesday, the board of directors in its meeting today, has agreed to bifurcate fertilizer business of the company and transfer or merge into a wholly owned subsidiary, to be incorporated through legal process.