| GEO Business|
| Stocks lose over 700 points in one week|
| Updated at: 2008 PST, Saturday, May 10, 2008|
Stocks lose 728 points in one week
KARACHI: The local capital market witnessed steep weekly fall with KSE-100 Index sinking to its 3-month low of 14,229 during the week ending May 9th.
The 5-percent fall came as investors remained jittery over the rupee’s consistent slide against the U.S dollar mid renewed fears of political and economic instability.
But currency was not the only issue dampening investor sentiments, as banking stocks shed over 6.5 percent after the arrest of senior officials of Bank of Punjab.
Meanwhile, a 10-rupee reduction in cement prices put pressure on cement sector whose market cap decreased by 4.2 percent.
However, power producers being good defensive stocks were up 1.2 percent over the week.
Market analysts said with a loss of 728 points in just 1 week values have started to emerge in different scrips.
But they say much depends on the state of Pak rupee and the future of ruling coalition after the apparent deadlock on the judicial crisis.