KSE ends 10-month low on Karachi security situation
KARACHI: The Karachi Stock Exchange (KSE) ended at a near 10-month low and closed an hour and a half earlier than planned following the deteriorating security situation in the city.
Since August 17, nearly 100 people have been killed in Karachi in political, ethnic and gang violence that has intensified in recent months, police officials said.
The KSE benchmark 100-share index closed 0.48 percent, or 51.89 points, lower at 10,842.26, its lowest close since Nov. 4, 2010.
Volume was at 22.40 million shares, compared with 35.73 million shares traded on Monday.
"Strike call by major political party to mourn rising violence and concerns for security situation in the city affected the sentiment in the market today and attendance was thin," said Ahsan Mehanti, director at Arif Habib Investments Ltd.
The call comes just days after leading business groups demanded the army be deployed in an attempt to quell the violence.
Copyright Reuters, 2011
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