Three consecutive black candle Pakistan stocks end lower, IFM Market Watch

Three consecutive black candle Pakistan stocks end lower, IFM Market Watch

KARACHI, Aug 28 (Reuters) – Pakistan’s main stock exchange closed lower on a third consecutive day, with the benchmark 100-share index of the Karachi Stock Exchange falling 1.28 percent or 287.38 points to 22,236.33.

The local bourse fell by another 1 percent amid a decline in international equity and currency markets due to the ongoing Syrian crisis.

After opening weak, the KSE-100 index plunged by 594 points touching a low of 21,929 points. Profit taking was seen across the board where EFOODS closed down by 5% at its lower lock. However, index witnessed recovery where buying interest was seen in blue chip stocks. Panic was created in the market by statements given by the U.S. Government regarding attacks on Syria. Capital markets across the board saw a major downtrend amid Syria situation, where commodities rose including Oil and Gold. We expect the equity markets to remain volatile and react sharply to any positive or negative news in the coming week. Said fahad Ali Senior Trader at JS Capital

Index heavy-weights Muslim Commercial Bank Ltd and Pakistan State Oil Co Ltd contributed heavily to the decline, dealers said.

Muslim Commercial Bank Ltd MCB.KA fell 2.83 percent to 266.99 rupees while Pakistan State Oil Co Ltd PSO.KA was down 4.41 percent to 309 rupees.

The rupee PKR= ended weaker at 103.86/103.93 against the dollar, compared to Tuesday’s close of 103.74/103.79.

Overnight rates in the money market fell to 7.75 percent from Tuesday’s close of 8 percent.