Karachi Stocks Down 98.55 Points:
KARACHI, Mar 19: The KSE-100 index was at 13198.57, down 98.55 points. (today 11.41 am)
KSE-100 index loses 153.95 points(16 March,2012).KARACHI: The Karachi Stock Exchange (KSE) benchmark 100-share index ended more than 1 percent lower on Friday as investors booked profits after the market rallied to its highest close in nearly four years the previous day, dealers said.
KSE-100 index fell 1.14 percent, or 153.95 points, to end at 13,297.12 points, a day after it reached its highest close since May 22, 2008.
Volume rose to 426.21 million shares, compared with 336.91 million on Thursday.
"The market made its highest close in almost four years so a bit of a technical correction was due, which we witnessed in the market today," said Shuja Rizvi, a dealer at Al-Hoqqani Securities.
In the currency market, the rupee ended almost flat at 90.74/78 to the dollar, compared with Thursday's close of 90.73/80, and dealers expect some pressure on the rupee because of rising global oil prices.
Oil was trading close to $123 a barrel on Friday.
In the money market, overnight rates rose to 11.90 percent, compared with Thursday's close of 9.10 percent, because of tight liquidity in the interbank market.
Dealers said there were scheduled outflows of 350 billion rupees ($3.9 billion) against inflows of 320 billion on Friday. (Reuters)