403
Sorry!!
Error! We're sorry, but the page you were looking for doesn't exist.
Karachi stocks index ends lower rupee steady
(MENAFN- Arab News) KARACHI: Pakistani stocks fell on Wednesday amid fears of civil unrest after lawmakers from the party ruling Karachi submitted their resignations to parliament traders said.
The benchmark 100-share index of the Karachi Stock Exchange ended down 0.86 percent at 35892.77.
The Muttahida Qaumi Movement (MQM) holds the majority of seats in Karachi and is the country's fourth largest political party.
Investors have real worries that the divisions between the MQM and the military could lead to violence on the streets. The MQM has a history of calling for strikes; businesses that do not comply have been torched in the past.
'The market fell after MQM submitted resignations from the provincial and national assembly' said Samar Iqbal vice president at Topline Securities Ltd.
Around 360 million shares were traded worth 13.5 billion Pakistani rupees ($133 million).
Market heavyweight Engro Corporation Ltd. closed down 1.39 percent while Pak Elektron Ltd. P was up 1.07 percent.
Out of 373 actively traded companies shares of 130 ended higher while 237 declined.
The rupee was unchanged at 101.76/101.81 against the dollar.
The benchmark 100-share index of the Karachi Stock Exchange ended down 0.86 percent at 35892.77.
The Muttahida Qaumi Movement (MQM) holds the majority of seats in Karachi and is the country's fourth largest political party.
Investors have real worries that the divisions between the MQM and the military could lead to violence on the streets. The MQM has a history of calling for strikes; businesses that do not comply have been torched in the past.
'The market fell after MQM submitted resignations from the provincial and national assembly' said Samar Iqbal vice president at Topline Securities Ltd.
Around 360 million shares were traded worth 13.5 billion Pakistani rupees ($133 million).
Market heavyweight Engro Corporation Ltd. closed down 1.39 percent while Pak Elektron Ltd. P was up 1.07 percent.
Out of 373 actively traded companies shares of 130 ended higher while 237 declined.
The rupee was unchanged at 101.76/101.81 against the dollar.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Comments
No comment