Pakistani shares close lower in thin turnover

Karachi: Pakistani stocks ended lower in extremely thin turnover on Monday in the absence of any good news to get investors, worried about domestic political and economic uncertainty, off the sidelines.

The Karachi Stock Exchange (KSE) benchmark 100-share index ended 0.52 per cent, or 64.16 points, lower at 12,289.03.

The total number of shares traded of companies listed on the KSE 100 index was 7.3 million. Total turnover was 11.48 million shares, a 10-year low. Losers led gainers 171 to 55.

The free-float KSE-30 share index ended 0.92 per cent lower at 14,326.27 points.

"There is no good news, investor confidence is already low and with the growing political and economic uncertainty, what can one trade on," said Shuja Rizvi, director of broking operations at Capital One Equities.

Investors were suffering from a crisis of confidence because of a fragile political situation and doubts about the new government's ability to handle widening trade and fiscal deficits and raging inflation, dealers said.

Among the most active companies, volume leader Bank of Khyber rose 1.5 per cent to Rs14.20, Karachi Electric Supply Corporation gained 4.4 per cent to Rs5.47, MCB Bank fell one per cent to Rs326.38.