KARACHI: Pakistan’s main stock exchange closed lower on Monday, with the benchmark 100-share index of the Karachi Stock Exchange falling 1.20 per cent or 271.26 points to 22,377.83.
Investors preferred to trim their positions in expectation of rising tensions between Pakistan and the US after the drone attack which killed Pakistani Taliban chief Hakimullah Mehsud.
Market players feel that if tensions continue to rise, it will affect Pakistan’s balance of payments and the local currency, dealers said.
DG Khan Cement Co Ltd fell 2.86 per cent to 68.60 rupees while Engro Corporation Ltd was down 2.09 per cent to 121.15 rupees.
The rupee ended weaker at 106.98/107.05 against the dollar, compared to Friday’s close of 106.84/106.90.
Overnight rates in the money market rose to 8.25 per cent from Friday’s close of 7.00 per cent.
No comments:
Post a Comment