Business | Markets
Pakistan stocks end three-day decline
Pakistan stocks rose for the first time in three days after the exchange extended trading limits imposed last month to end a rout that had wiped out a third of the market's value.
- Bloomberg
- Published: 23:39 September 10, 2008
Karachi: Pakistan stocks rose for the first time in three days after the exchange extended trading limits imposed last month to end a rout that had wiped out a third of the market's value.
The Karachi Stock Exchange 100 index added 36.06 points, or 0.4 per cent, to close at 9,315.68.
Pakistan extended for two weeks an August 28 curb on equity trading as concern grows that an end to the limits may cause the KSE 100 Index to plunge after the benchmark lost a third of its value this year. The curbs have prevented stocks from falling below their closing prices on August 27.
"Some progress has been made on providing a cooling period to market participants," said a statement from the Karachi Stock Exchange yesterday.
The exchange will announce a date for removal of the floor on September 25, according to the release.
Standard Chartered Bank Pakistan gained 4.9 per cent to Rs17, its biggest advance since August 19.
Allied Bank, Pakistan's fifth-largest lender by branches, gained 2.8 per cent.
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