Pakistani stocks dip 550 points; on foreign selling

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KARACHI: Pakistan’s main stock exchange closed lower on Tuesday, with the benchmark 100-share index of the Karachi Stock Exchange falling 2.33 percent or 551.48 points to close at 23,088.49 points.

Rollover week for future contracts and foreign selling affected market sentiment.

Market heavy-weights Muslim Commercial Bank and Oil and Gas Development Company contributed around 200 points to the market fall.

On the other hand, Telecard remained the volume leader amid expectations of profit growth, dealers said.

National Bank of Pakistan fell 2.78 percent to 54.50 rupees while Pakistan State Oil Co Ltd was down 1.62 percent to 288 rupees.

The rupee ended weaker at 106.10/106.20 against the dollar, compared to Monday’s close of 105.80/105.85.

Overnight rates in the money market fell to 7.00 percent from Monday’s close of 8.50 percent.

Pakistani stocks dip 550 points; on foreign selling

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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