Pakistan shares ends lower
(MENAFN- Arab News) KARACHI: Pakistani stocks ended lower on Monday in line with losses in regional markets declining oil prices and foreign currency outflows traders said.
The benchmark share index closed down 0.66 percent or 214.80 points at 32320.05.
The Karachi Stock Exchange on Monday became the Pakistan Stock Exchange Ltd. after merging with two other bourses Islamabad and Lahore stock exchanges according to a regulatory statement.
Losses were seen across the board with the industrial health care and energy sectors suffering the most said Gohar Rasool head of international sales at Inter Market Securities Pvt Ltd.
MCB Bank Ltd. and Habib Bank Ltd. were two prominent losers on the day falling 1.97 percent and 1.27 percent respectively on the back of foreign selling.
Last year the KSE saw approximately $320 million in foreign selling and the new year has already seen about $12 million leave the bourse.
Oil and Gas Development Co. Ltd. also lost 2.37 percent due to a fall in oil prices.
Automobile stocks meanwhile enjoyed a positive day after the Pakistan Automobile Manufacturers Association (PAMA) reported higher than expected sales numbers.
Pak Suzuki Motor Co. Ltd. closed up 1.95 percent. Truck manufacturer Hinopak Motors closed up 4.37 percent.
Overall the day was marked by thin trading with volume dropping to 51.904 million shares from 71.870 million shares on the last trading day said Rasool.
Traded value was down to $37.26 million from previous session's $57.38 million.
It was also marked by consistent losses with the index never rising above its opening level of 32535.57 in intraday trading.
The rupee ended at 104.89/104.94 against the dollar compared with Friday's close of 104.87/104.92.
Overnight rates in the money market remained flat at 6.00 percent.
The benchmark share index closed down 0.66 percent or 214.80 points at 32320.05.
The Karachi Stock Exchange on Monday became the Pakistan Stock Exchange Ltd. after merging with two other bourses Islamabad and Lahore stock exchanges according to a regulatory statement.
Losses were seen across the board with the industrial health care and energy sectors suffering the most said Gohar Rasool head of international sales at Inter Market Securities Pvt Ltd.
MCB Bank Ltd. and Habib Bank Ltd. were two prominent losers on the day falling 1.97 percent and 1.27 percent respectively on the back of foreign selling.
Last year the KSE saw approximately $320 million in foreign selling and the new year has already seen about $12 million leave the bourse.
Oil and Gas Development Co. Ltd. also lost 2.37 percent due to a fall in oil prices.
Automobile stocks meanwhile enjoyed a positive day after the Pakistan Automobile Manufacturers Association (PAMA) reported higher than expected sales numbers.
Pak Suzuki Motor Co. Ltd. closed up 1.95 percent. Truck manufacturer Hinopak Motors closed up 4.37 percent.
Overall the day was marked by thin trading with volume dropping to 51.904 million shares from 71.870 million shares on the last trading day said Rasool.
Traded value was down to $37.26 million from previous session's $57.38 million.
It was also marked by consistent losses with the index never rising above its opening level of 32535.57 in intraday trading.
The rupee ended at 104.89/104.94 against the dollar compared with Friday's close of 104.87/104.92.
Overnight rates in the money market remained flat at 6.00 percent.
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