Stocks Observer. com

The calendar year 2008 eroded the last four years straight and unprecedented growth of local stock markets, as Pakistan’s leading benchmark KSE 100-share Index crashed by over 58 per cent to four years low of Dec 2004 level. The KSE 100 plummeted 58.332 per cent or 8,210.82 points on year-on-year basis to 5,865.01 points on Wednesday from 14,075.83 points on Jan 01. Over the same period, an outflow of Rs2.471 trillion from market capitalisation was also noted. Average daily volumes in the cash market fell 48 per cent in 2008 to 133 million shares. While foreign portfolio investors disinvested US$439 million in net during the year. The year started at local bourses with confidence, cheer, and smooth flight to record high till April despite a lot of hue and cry on political front. Banking, mutual funds, oil marketing companies, refineries, insurance, telecommunication, cement, fertilizer, automobile almost all of the economic sectors were performing on fast pace with every passing day. B