Stocks Observer. com

KARACHI: Bearish sentiments dominated the trading session at the Karachi stock market on the first trading day of the week Monday as no major incentive was announced for the stock market during the unveiling of annual budget. Analysts said tax on exports affected the share prices at the post-budget trading session. The Karachi Stock Exchange (KSE) 100-share index shed 103.22 points or 1.46 percent to close at 6,953.09 points as compared to previous week’s close of 7,056.31 points. The KSE 30-share index decreased by 146.38 points and closed at 7,372.47 points as compared with 7,518.85 points. However, the KMI 30 index gained 79.16 points to close at 10,434.17 points as against 10,513.33 points. Analysts said that the 100-share index failed to maintain the psychological level of 7,000 points after the first trading day of the post-budget session while daily turnover continued to be dismal reflecting lack of confidence among investors. The market turnover went down by 15.51 percent and t...