PAKISTANI STOCKS END LOWER; RUPEE STRENGTHENS, O/N RATES FLAT – RTRS

5 views

1 min read

KARACHI, May 7 (Reuters) – Pakistan’s main stock exchange closed lower on Wednesday, with the benchmark 100-share index of the Karachi Stock Exchange falling 0.19 percent, or 53.17 points, to 28,330.03.

The market remained range bound today. Investor interest was driven down due to the political uncertainty in the country.

Investors are apprehensive in the market as uncertainty prevails about the unfolding political situation of the country and protest set to begin from 11th of May, said dealer Fahad Ali at JS Global Capital Ltd.

Faysal Bank Ltd FYBL.KA rose 3.9 percent to 16.52 rupees and Pakistan State Oil Co LtdPSO.KA was down 1.4 percent to 380.50 rupees.

The rupee PKR= ended higher at 98.22/98.27 against the dollar compared to Tuesday’s close of 98.63/98.68.

Overnight rates in the money market remained flat at 7.50 percent.

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

View all posts