KSE succumbs to urban unrest

KARACHI: The Karachi Stock Exchange's benchmark 100-Index Thursday lost 1.25 percent, or 141.43 points, to close at 11,128.52, mainly owing to urban unrest coupled with earnings that failed to meet the market consensus.

Volume fell to 41.62 million shares from 46.33 million shares traded on Wednesday.

"The deteriorating law and order situation of the city coupled with lower than expected earnings by National Bank of Pakistan caused index to fell by more than 1 percent," said a dealer form a leading brokerage house.

At least 30 people have been killed in a fresh outbreak of violence in Karachi, but police on Thursday said the clashes now focused more on gang turf wars after months of ethnic and political disputes.

National Bank of Pakistan (NBP) reported on Thursday a net profit of 8.13 billion rupees ($93.80 million) for the first half of 2011, compared with a net profit of 3.86 billion rupees ($44.4 million)in the same period last year.

The result was lower than analyst expectations and NBP ended 4.98 percent lower at 43.47 rupees. (Reuters)