Stocks Observer. com

The Karachi stock market continued to remain under the bearish spell for the third consecutive trading day Wednesday as the 100 index shed 338.96 points amid persistence of selling activities as investors awaited high court’s ruling on CFS outstanding positions, said analysts. They said other reasons include investors concern over falling rupee value and possible equity fund to bail out the market from its current crises. The Karachi Stock Exchange (KSE) 100-share shed a massive 338.96 points to close at 8,105.63 points as compared with 8,444.59 points of the previous session. The KSE 30 index lost 454.87 points and closed at 8,503.00 points as compared to 8,957.87 points of the previous session. KMI 30 index also declined by 480.84 points to close at 9,687.46 points as against 10,168.30 points of the previous session. The market turnover went up by 127.91 percent and traded 57.82 million shares as compared with previous session’s 25.36 million shares. The overall market capitalisation

Justice Gulzar Ahmed of High Court of Sindh (SHC) on Tuesday adjourned hearing of a law suit filed by two brokerage houses till Thursday morning after counsel for plaintiff objected to application by interested parties to join them as defendants or parties to the suit.The bench fixed 9 am for detailed hearing of the application after which a speaking order is expected The court also ordered continuation of the interim order issued on previous Saturday under which National Clearing Company Limited was restrained from taking action against the securities firm for possible default after removal of the floor from the stock exchanges. The plaintiffs maintained that they have entered into CFS-MK scheme with NCC for purchase of securities in terms of the regulations prior to the imposition of floor on stock exchanges by Security Exchange Commission of Pakistan (SECP) on Aug 27. It was submitted that the SECP decided to remove floor from Dec 15 and there was a grave apprehension of crashing of