KSE sheds 119 points, closes at 13,757.91

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KSE sheds 119 points, closes at 13,757.91

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The Karachi Stock Exchange fell on Monday with a downturn in global markets.

04 June,2012 09:56 pm

It has undermined investor confidence despite the markets positive reaction to Pakistans budget announcement on Friday, dealers said.The KSEs benchmark 100-share index dropped 0.86 percent, or 119.06 points, to close at 13,757.91 points on volume of 71.87million shares, compared with Fridays close of 13,876.97.Tumbling global stocks outweighed ... positive budgetary measures, said a dealer at Topline Securities.Investors preferred to sell stocks amid fear that if regional markets continue to fall, then foreign (investors) may sell in the Pakistan market also.The government announced its budget for the 2012/13 fiscal year on Friday, with an outlay of 3.2 trillion rupees, up 15.8percent from last year.According to budget documents, state resources for FY 12/13are estimated at 2.719 trillion rupees, with tax collection at 1.775 trillion rupees.Finance Minister Abdul Hafeez Shaikh, however, had mentioned the outlay in his Friday speech as 2.96 trillion rupees.