Wednesday, July 29, 2009

Market Forex Update 2 Reuters - Forex - Press Release - Forex Market Review

According to the analysts’ announcement on Saturday bearish trend prevailed the Karachi Stock Market during the outgoing week. Actually it happened because of selling pressure as corporate finance, banking and risk management Moody’s downgraded Pakistan bank’s ratings, degradation of law and order situation in the country, and lastly because of refusal in foreign exchange reserves and economic instability.

There are some other key factors that affected the market negatively. Firstly it's investors’ indecision over the outcome of Karachi Stock Exchange board of directors conference on the floor mechanism on stocks. Secondly, developments on share buybacks and induction of 20 billion rupees liquidity in capital markets by State Bank.

KSE 100-share index decreased 16 points or 0.2 % as to close at 9,184.15 points if compare with previous week’s 9,201 points.

As far as the average turnover is concerned it descended to 2.477 million shares in comparison with 4.33 million shares traded last week. Overall volume of the market on the final trading day of the week was at a 142-month (11.7-year) low, a miserable of 2.47 million shares.

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