Business | Markets
Karachi falls 3.13% on political concerns
Pakistani stocks ended 3.13 per cent lower on Monday at a near 23-month closing low, reflecting investors' concern over the uncertainty hanging over four-month-old civilian government and American mistrust of Pakistan's main intelligence agency.
- Reuters
- Published: 23:25 August 4, 2008
Karachi: Pakistani stocks ended 3.13 per cent lower on Monday at a near 23-month closing low, reflecting investors' concern over the uncertainty hanging over four-month-old civilian government and American mistrust of Pakistan's main intelligence agency.
"Politics both domestic and international along with the macro economic scenario is now going to shape the future direction of the market," said Asad Iqbal, managing director at Esmail Iqbal Securities.
The Karachi Stock Exchange (KSE) benchmark 100-share index fell 3.13 per cent, or 318.21 points, to 9.853.18, falling below the psychological barrier of 10,000, on turnover of 101.3 million shares.
The KSE-index ended at 9,584.79 points on August 25, 2006.
Low confidence
"Confidence is extremely low and we're seeing some distress selling as there is not much clarity on the political front, said Sajid Bhanji, a dealer at brokers Arif Habib.
Last week a New York Times report said US intelligence agencies have concluded members of Pakistan's spy agency helped plan the suicide bombing of the Indian Embassy in Kabul last month.
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