November 14, 2007 / 9:55 AM / 12 years ago

Pakistani shares drop over 2 pct on dicey politics

KARACHI, Nov 14 (Reuters) - Pakistani shares ended over 2 percent down as investors retreated from a market fraught with uncertainty since President Pervez Musharraf imposed emergency rule on Nov.3, dealers said.

The Karachi Stock Exchange (KSE) benchmark 100-share index .KSE fell 2.24 percent, or 304.62 points, to 13,315.58.

Volume was 151.22 million shares compared to 339.52 million shares traded on Oct. 22, when the index made its life high at 14,908.91 points.

The free-float KSE-30 share index .KSE30 shed 2.49 percent to 15,881.56 points.

“All institutions are refraining from taking any new positions and selling is coming from investors holding leveraged positions,” said Mustafa Iqbal, head of institutional sales at AKD Securities Ltd. “This is all due to the political situation in the country.”

The KSE-index has lost 4.3 percent since the emergency was invoked and trading volumes have been shrinking.

The prospect of elections being held in January under an emergency has done little to restore confidence and dealers said investors want a clearer picture of how the political situation will unfold.

Among the most active companies, TRG Pakistan TRGP.KA was down 0.60 rupees at 12.45, National Bank of Pakistan NBPK.KA ended 4.55 rupees lower at 232.45, and Oil and Gas Development Co Ltd OGDC.KA fell 1.95 rupees to 114.15. (Reporting by Sahar Ahmed: Editing by Simon Cameron-Moore)

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