Tuesday, February 16, 2010

KSE in grip of bears over govt-judiciary standoff

KARACHI: Karachi Stock Exchange (KSE) witnessed bears overwhelming the trade on the first day of the business week with bench mark 100-index shedding 140 points at one point.

The market opened in negative territory as the standoff between the judiciary and the government surfaced on the political scene the day before yesterday with local and foreign investors preferring the selling at the market.

The trade commenced with the loss of 69 points and 100-index skidded below 9700-point level.

According to market analysts, if the confrontation between the institutions does not fizzle out soon, the bearish trend may continue further. Also, the foreign investors may prefer the selling of their shares in view of present political crunch in the country.

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