KSE index loses 51.31 points
Friday, 23 April 2010
KARACHI, Apr 22 (Business Recorder): The Karachi share market Wednesday witnessed declining trend despite foreign investors' support, and the KSE-100 index lost 51.31 points to close at 10,590.21 points.
Local investors preferred to offload their holdings on renewed concerns over implementation of capital gain tax mechanism on stock exchanges.
After slight positive opening, selling pressure dropped the index into negative zone to 10,530.72 points intra-day low level, down 110.80 points. However, some buying in late hours in select stocks supported the index to minimise the losses.
Trading volume at ready counter increased to 145.502 million shares as compared to 137.058 million shares traded Tuesday.
Market capitalisation declined by Rs 13 billion to Rs 3.003 trillion.
He said that investors preferred booking profits despite good result announcements of banking and textile sector companies. The rising circular debt in Pakistan energy sector and uncertainty in global capital markets remained among major concerns for investors in the quarter-end result announcement session, he added.
Local investors preferred to offload their holdings on renewed concerns over implementation of capital gain tax mechanism on stock exchanges.
After slight positive opening, selling pressure dropped the index into negative zone to 10,530.72 points intra-day low level, down 110.80 points. However, some buying in late hours in select stocks supported the index to minimise the losses.
Trading volume at ready counter increased to 145.502 million shares as compared to 137.058 million shares traded Tuesday.
Market capitalisation declined by Rs 13 billion to Rs 3.003 trillion.
He said that investors preferred booking profits despite good result announcements of banking and textile sector companies. The rising circular debt in Pakistan energy sector and uncertainty in global capital markets remained among major concerns for investors in the quarter-end result announcement session, he added.