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Bearish Bourse

PSX: Bears color the bourse red

KARACHI: Bewildered by the towering import figure of November, the investors opted to sell on Thursday (2nd of December) letting the bears color the bourse red with benchmark KSE-100 Index plummet 2005 points.  

It is pertinent to mention here that PSX Rulebook dictates that in case the index goes 5% above or below its last close and remains three for 5 minutes, trading in all securities should stop.

Overall 386,753,143 shares worth Rs. 14.062 billion changed hands. Value of the shares of 16 companies augmented, 338 plunged while 11 remained stagnant.

Leader on Thursday was WorldCall Telecom with a volume of 33,019,000 shares. It was followed by Dolmen City (29,583,500 shares) and Byco Petroleum (22,828,500 shares).

With an increase of Rs. 1400 per share Unilever Foods beat the Shield Corp.  On the other hand Nestle Pakistan’s shares shed Rs. 171.54 closing at Rs. 5350. After the bloodbath the Benchmark Index closed at 43,234.15, down 2,134.99 points.

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M M Alam

M. M. Alam is a Pakistan-based working journalist since 1981. Karachi University faculty gold medalist Alam began his career four decades ago by writing for Dawn, Pakistan’s highest circulating English daily. He has worked for region’s leading publications, global aviation periodicals including Rotors (of USA) and vetted New York Times as permanent employee of daily Express Tribune. Alam regularly covers international aviation and defense-related events including Salon Du Bourget (France), Farnborough (United Kingdom), Dubai (UAE). Alam has reported thousands of events and interviewed hundreds of people in Pakistan, UAE, EU, UK and USA. Being Francophone Alam also coordinates with a number of French publications.