Pakistan benchmark stocks snap four-day rally
The benchmark Karachi Stock Exchange 100 Index retreated 23.52, or 0.2 per cent, to 9,786.46. The gauge has risen 4.3 per cent this year
Karachi: Pakistan's benchmark stock index fell, snapping a four-day rally, on concern political uncertainty will hurt investor sentiment in the South Asian nation.
Oil & Gas Development Co., the nation's biggest exploration company, lost 1.1 percent to Rs118.05. Habib Bank Ltd., Pakistan's second-biggest lender by assets, slid 0.2 per cent to Rs120.57. Pak Suzuki Motor Co., the No 1 carmaker, fell 0.3 per cent to Rs89.52.
The benchmark Karachi Stock Exchange 100 Index retreated 23.52, or 0.2 per cent, to 9,786.46. The gauge has risen 4.3 per cent this year. The measure is valued at 8.4 times estimated earnings, the lowest in Asia, according to data compiled by Bloomberg.
"Political uncertainty and attacks on leaders are affecting investor sentiment," said Sayeed Muhammad Kamran, an analyst at Atlas Capital Markets in Karachi.
