Stocks Observer. com

KARACHI: Pakistani shares fell to end at an almost three-and-a-half year low on Friday, taking the loss for the week to 18 per cent since a floor on the main index was removed. The Karachi Stock Exchange 100-index fell 3.48 per cent, or 270.84 points, to end at 7,514.42 points, its lowest close since Aug. 24, 2005. Turnover was 32.7 million shares and dealers said most trade was in third-tier shares with almost none in heavyweights. ‘Until now we have not seen any investor interest in blue-chips,’ said Sajid Bhanji, a dealer at brokers Arif Habib Ltd. Dealers also said shares traded off-market were still 30 per cent lower than their official prices. According to the latest data up to December 18, Engro Chemicals Ltd was being traded at 100 rupees a share, or 31.2 per cent lower than its official closing on Friday. National Bank of Pakistan was traded at 45 rupees, or 40.6 per cent lower than its Friday close. Dealers said a report this week of a support fund for the market did not help