Business | Markets
Pakistan stocks end flat
Pakistan's benchmark index closed little changed as emergency trading limits continued for the third day to halt a slide in stocks that sent the benchmark index down 42 per cent since April.
- Bloomberg
- Published: 23:54 September 1, 2008
Karachi: Pakistan's benchmark index closed little changed as emergency trading limits continued for the third day to halt a slide in stocks that sent the benchmark index down 42 per cent since April.
The Karachi Stock Exchange 100 index rose 1.89 points, or less than 0.1 per cent, to 9,210.15 at the close. Sixty-eight of the measure's 100 components were unchanged.
The exchange on August 28 set the previous day's stock prices as a bottom limit for trading. Securities can trade within the five per cent daily limits "but not below the floor-price level" set on August 27, the exchange said.
The exchange is working to restore confidence after former president Pervez Musharraf quit on August 18 to avoid impeachment, and ruling alliance members nominated rivals to replace him.
Stocks have plunged on concern the political instability will blunt government efforts to tackle a rising insurgency by Islamic extremists, grapple with inflation at its highest in 30 years and revive the faltering economy.
National Refinery Ltd, Pakistan's second-biggest oil processor, rose by the maximum 5 per cent limit to Rs210.
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