Friday, January 2, 2009

Karachi stock market starts new year dismally; down 112 points

Devaluation spree of shares prices at Karachi Stock Exchange remained continue unabatedly even on the beginning of new year and amid hopes for the unveiling of marketing supporting fund programme this week. Thursday was the 14th consecutive day after the removal of floor mechanism when Karachi Bourse meltdown unabatedly shedding further 1.9 per cent value - lowest in the recent past - meaning the market has so far lost 37 per cent of its value since December 15, when regulators removed a “floor” on the benchmark index imposed in August to stop such colossal losses to investors and brokers.

Though, market meltdown ratio remained minimum in today’s business as traders were optimised that government would unveil bailout package within current week.

The ramshackle Karachi Stock Exchange went further down as KSE bourse had lost 111.83 points and wrapped up at 5,753.18 below 6,000 psychological barrier after a long span of time.

Volume was 75.43 million shares, as compared with the average 250 million shares that traded hands daily in 2007

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