National stocks fall two per cent on foreign selling
KARACHI: Pakistani stocks tumbled by more than two per cent on Tuesday, on foreign selling that took cues from falling Asian markets responding to the unfolding crisis in Libya. The Karachi Stock Exchange's benchmark 100-share index was 2.13 per cent, or 254.59 points, lower at 11711.29 on turnover of 61.15 million shares by 1:17 pm. (0917 GMT). Sajid Bhanji, director of Arif Habib Ltd brokers, pointed to nervousness in the market. “There is foreign selling because of the situation in North Africa and the Middle East, and then local investors are cautious due to the Raymond Davis case.” A US consulate worker, Raymond Davis, is being held in prison after shooting and killing two Pakistanis in the city of Lahore last month, in what he said was an attempted robbery. The United States says Davis is protected by diplomatic immunity, while Pakistan says the courts must decide. The case has inflamed anti-American sentiment in Pakistan. Dealers said the market is likely to face selling pressure in the coming days.