Business | Markets
Pakistani stocks take cue from Asia
Pakistan's benchmark stock index fell 0.7 per cent as tumbling commodity prices and a drop in Asian markets added to concern global economic growth is faltering. Oil and Gas Development led declines.
- Bloomberg
- Published: 00:41 January 23, 2008
Karachi : Pakistan's benchmark stock index fell 0.7 per cent as tumbling commodity prices and a drop in Asian markets added to concern global economic growth is faltering. Oil and Gas Development led declines.
The Karachi Stock Exchange 100 Index fell 90.53 points to 13,759.50. Oil and Gas, the nation's biggest explorer of the fuels, declined Rs2.25, or 1.9 per cent, to Rs118.
"The concern about recession in US economy was the factor behind the fall of Pakistan also," said Imran Khan, a research analyst at First Capital Equities, in Karachi.
"The market just followed the trend in the regional markets."
Asian stocks tumbled, following Europe into a bear market and extending a global slump that has wiped out more than $5 trillion from stock markets this year. The MSCI Asia Pacific Index tumbled 6.5 per cent, taking its drop from a November high to 23 per cent and sending the regional benchmark to its biggest decline since April 1990. Standard & Poor's 500 Index futures point to a 4.7 per cent decline when US trading starts.
Pakistan Telecommunication fell Rs0.85, or 2.2 per cent, to 38.
Pakistan Petroleum, the nation's biggest gas producer, fell Rs3.30, or 1.3 per cent, to Rs245.50
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