KARACHI, Jan 22 Karachi stocks fell over 2 percent on Thursday to its lowest closing since September 2004 as foreign investors sold shares in blue-chip companies, dealers said. The Karachi Stock Exchange (KSE) benchmark 100-share index .KSE closed 2.25 percent, or 115.77 points, lower at 5020.71 points on a turnover of 72.7 million shares. The index recovered above 5,000 points having earlier hit a low of 4,953.01 points. "Its a global trend now. Foreign investors are continuously looking for an exit from the market," said Sajid Bhanji, a dealer at Arif Habib Ltd. Bhanji said local investors were losing confidence in the falling market. The KSE-index has shed 14.4 percent this month after a 58.3 percent fall in 2008. The Pakistan market was artificially propped up in late August, when authorities placed a floor under the main index. The floor was removed on Dec. 15 and the index has lost 45 percent since then. A 20-billion rupee ($250 million) government support fund began b...
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