KARACHI: Pakistan’s stock exchange closed lower on Thursday, with the benchmark 100-share index of the Karachi Stock Exchange falling 1.03 per cent or 237.81 points to 22,747.13.
After three consecutive days of heavy buying, investors appeared to prefer to offload as the index fell through the 23,000 psychological level. The total trade volume dropped significantly to 174m from Wednesday’s level of 338m.
Out of a total of 339 stocks, 221 stocks suffered losses while 82 experienced gains. 36 stocks maintained their level from the previous day.
Attock Refinery and Engro Corp, however, saw heavy gains going up by 2.7 per cent and 3.2 per cent respectively.
All index heavy weight stocks like Muslim Commercial Bank, Oil and Gas Development Co Ltd and Pakistan State Oil Co Ltd saw profit taking, said Samar Iqbal at Topline Securities. Pakistan State Oil Co Ltd fell 2.35 per cent to 338.65 rupees while Muslim Commercial Bank was down 2.14 per cent to 257.12 rupees, he added.
The rupee closed at 100.01/100.06 against the dollar on Wednesday.
Overnight rates in the money market closed at 9 per cent on Wednesday, while Thursday was a bank holiday.