Inside Financial Markets

Pakistan stock market ends lower

karachi-stocksPakistan stock market ends lower

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.


Sanie Khan

Sanie Khan holds a deep knowledge of the financial markets in Pakistan. Based in Karachi, he has over 20 years of hands-on management experience in financial technologies and managing operations in the financial sector. He was the General Manager at the Pakistan Stock Exchange (PSX) for 17 years. He along-with senior members of Exchange

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Inside Financial Markets was a joint publication of Pakistan Stock Exchange (PSX)and Society of Technical Analysts Pakistan (STAP)