KSE sheds 80 points after Japan quake

KARACHI: Stock prices at Karachi Stock Exchange (KSE) dropped as the benchmark KSE 100-share Index ended more than 0.6 percent lower on Friday on foreign selling and investor caution following a global sell-off because of Japan's earthquake.

Global stocks fell to their lowest level in nearly six weeks on Friday and government bonds rose after the huge earthquake in Japan and on expectation Portugal will have to seek financial aid.

"It was bearish as global stocks fell amid concern in the Middle East and following the earthquake and tsunami in Japan," a dealer at KSE said.

The Karachi Stock Exchange's (KSE) benchmark 100-share index ended 0.66 percent, or 80.55 points, lower at 12,045.24.

Turnover was 67.5 million shares compared with 103 million on Thursday.

Dealers said local investors were also cautious after foreigners sold shares worth a net $7.25 million on Thursday.