Karachi stock market reverses early close plan

KARACHI: Karachi stock market will close at the usual 3:30 p.m. local time on Tuesday, reversing an earlier decision to close at noon because of floods in Pakistan's commercial capital, an exchange official said.

"There has been some increase in attendance and though volumes are still pretty low, we have decided for the convenience of investors that the market will close as normal," Nadeem Naqvi, managing director of the Karachi Stock Exchange (KSE) told Reuters.

"However, the trades done today will be merged with those of tomorrow and hence will be settled tomorrow," he said.

Naqvi had earlier said that the market will close at noon due to a lack of volume and negligible attendance of members.

Floods triggered by monsoon rains have crippled Pakistan's biggest city and commercial hub of Karachi on Tuesday, with few people able to make it to work or school, officials said.

The benchmark KSE 100-share index was up 0.63 percent by noon on volume of just over 11 million shares.

Copyright Reuters, 2011