KARACHI, Dec 16 (Reuters) - Pakistani shares fell more than 3 percent in dull trade on Tuesday after the removal of a floor on the main index the previous day, and dealers said the only offers they were getting for bluechips were at lower circuit breakers.
The rupee slipped 1.7 percent as negative sentiment prevailed on fear of portfolio outflows following the removal on Monday of the stock index floor, dealers said.
The Karachi Stock Exchange (KSE) benchmark 100-share index .KSE was 3.47 percent, or 305.88 points, lower at 8,511.22, its lowest since November 2005, on turnover of 5.4 million shares by 1:31 p.m. (0831 GMT).
The KSE index fell 4.03 percent on Monday after the floor on the index, imposed on Aug. 28 after sharp falls, was removed.
"The market will continue to face pressure until it matches the trades that have been witnessed in off-market transactions," said Shuja Rizvi, director of broking operations at Capital One Equities Ltd.
According to the latest data up to Dec. 12, shares were trading off-market at prices up to 50 percent lower than official prices.
Dealers said there were few trades, of about 100 shares a company, in bluechips at their lower circuit breakers.
