Negative sentiment hits Pakistan shares

Karachi: Pakistan's benchmark stock index fell, led by Jahangir Siddiqui, with investors expecting political disruptions before elections.

The Karachi Stock Exchange 100 Index dropped 55.59 points, or 0.4 per cent, to close at 13,938.33. Jahangir Siddiqui, a financial services company, fell Rs26.90, or five per cent, to Rs512.10.

"Investors were a little cautious today, avoiding holding shares for too long as we near the election," said Farhan Mahmood, a research analyst at JS Global Capital.

"Recent incidents of terrorism have also made investors cautious but the upcoming corporate announcements will support the market this week.''

Pakistan's parliamentary elections on February 18 have already been marred by death threats against politicians and instability.

Standard Chartered Bank Pakistan, the largest foreign bank, fell 95 paise, or 2.2 per cent, to Rs42.85. MCB Bank, the biggest lender, fell Rs3.90, or one per cent, to Rs400.10.

Oil and Gas Development, the biggest explorer of fuels in Pakistan, fell 50 paise, or 0.4 per cent, to Rs119.