Pakistan’s main stock exchange closed lower on Thursday, with the benchmark 100-share index of the Karachi Stock Exchange falling 1.31 percent or 300.95 points to 22,714.32.
The local bourse continued its downward trend amid a fall in regional equity markets and the fear of a hike in interest rates in the upcoming Monetary Policy.
The session at the bourse kicked off on a negative note. Oil sector remained depressed with mixed volumes throughout the day. Panic was created in the market as international markets saw profit taking. During the day KSE-100 index plunged more than 500 points, where selling was observed across the board with banking sector taking the most hit. PPL and FCCL announced their results today where both the companies exceeded the payout expectations but failed to meet the investor’s earnings expectations. We expect the market to consolidate between 22,800 and 23,400 and advise the investors to wait for the monetary policy to be announced before taking further positions. Said Ovais Ahsan Head of international Sales JS Global
Disappointing results from National Bank of Pakistan and Engro Corporation Ltd also added fuel to fire, dealers said.
National Bank of Pakistan NBPK.KA fell 4.98 percent to 51.47 rupees while Engro Corporation Ltd EGCH.KA was down 4.56 percent at 137.05 rupees.
The rupee PKR= ended weaker at 103.53/103.56 against the dollar, compared to Wednesday’s close of 103.42/103.48.
Overnight rates in the money market remained flat at 8.50 percent.