Business | Markets
Pakistan stocks end flat
Pakistani stocks ended flat yesterday in the lowest trading volume in a full-day session as the market remained propped up by a floor on the index which authorities are scheduled to review today.
- Reuters
- Published: 23:39 September 24, 2008
Karachi: Pakistani stocks ended flat yesterday in the lowest trading volume in a full-day session as the market remained propped up by a floor on the index which authorities are scheduled to review today.
The KSE (Karachi Stock Exchange) board imposed a floor on the benchmark index on August 28 to stop if falling below 9,144. Dealers do not expect it removed before October 6.
The KSE benchmark ended 0.10 per cent, or 8.76 points, lower at 9,190.75 as 1.27 million shares were traded. The previous lowest volume was 1.9 million shares traded on Monday.
KSE board meeting
"The market is looking to the KSE board meeting tomorrow as to the future of the floor," said Ahsan Chisti, head of institutional sales at BMA Capital Ltd.
Templeton Asset Management's executive chairman Mark Mobius said the decision to set a floor on the index created a huge risk for investors who needed liquidity. Dealers said investors were also worried about a weak economic outlook with the rupee hitting a record low of 78.55 on Monday, inflation at more than 25 per cent and dwindling foreign reserves.
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