Stocks Observer. com

Intense selling activity kept the Karachi stock market under the bearish spell on the second trading day of the week Tuesday besides widening of trade deficit and fall in remittances in April 2009. Analysts have attributed negative closing of the market on account of continuing foreign selling while Swat operation intensity and falling rupee value remained a major concern for retail and institutional investors. The trading day was marked by yet another dismal turnover of 75 million shares manifesting lack of confidence among investors. The Karachi Stock Exchange (KSE) 100-share index shed 105.00 points or 1.46 percent as it closed at 7,067.85 points compared to 7,172.85 points in the previous session. The KSE-30 index also shed 142.18 points and closed at 7,601.17 points compared to 7,743.35 points of the previous session. KMI-30 index shed 156.82 points and closed at 10,092.46 points compared to 10,249.28 points of the previous session. The market turnover went down by 31.94 percent a