Pakistani stocks down nearly 2 pct on global fears

KARACHI Jan 22 (Reuters) - Pakistani shares shed nearly two percent in early trade on Tuesday following a decline in global markets on fears of a U.S. recession, dealers said.

The Karachi Stock Exchange (KSE) benchmark 100-share index .KSE fell 1.90 percent, or 263.36 points, to 13,586.67 on turnover of 25.1 million shares by 10:08 a.m. (0508 GMT).

The free-float KSE-30 share index .KSE30 was down 1.98 percent to 16,177.75 points.

"Market is weak due to the international pressure and fear that foreign investors may sell further," said Sajjad Mankani, head of sales at BMA Capital Management Ltd.

Stocks tumbled across Asia and U.S. stock index futures sank as panic gripped markets that a U.S. recession could derail economic growth, sending investors fleeing to safe-haven government bonds.

According to the central bank data, there was a net foreign outflow of $72.887 million for the first 18 days of January.

Among the heavyweights Oil and Gas Development Co Ltd (OGDC.KA) fell 1.95 rupees to 118.30, National Bank of Pakistan (NBPK.KA) shed 4.90 rupees to 221.35, and Pakistan Telecommunication Co Ltd (PTCA.KA) was 0.60 rupees lower at 38.25.

(Reporting by Sahar Ahmed)