KARACHI: Karachi Stock Exchange (KSE) ended lower on Monday despite a strong opening, as investors remained concerned over developing political issues in the southern province of Sindh.
"The market opened strongly today but the rising political temperatures created some panic, and pulled the index lower," said Sajid Bhanji, director Arif Habib Securities.
The Muttahida Quami Movement, a key ally of the ruling Pakistan People's Party, again accused the Sindh province's home minister of patronising criminals, raising concerns over political stability.
KSE benchmark 100-share index ended 0.212 percent, or 25.48 points, lower at 11,974.55, after touching an intraday high of 12,158.01.
Turnover fell to 11.84 million shares, compared with 187.45 million shares traded on Friday.
Dealers said with the corporate earnings announcement season now over and in the absence of any major trigger, the market is likely to consolidate around the current levels.
In the currency market, the rupee ended firmer at 85.31/36 to the dollar, compared with Friday's close of 85.47/52 amid lack of import payments.
"There was dollar selling by exporters as well, which increased supplies," said a dealer at a local bank, but added that the local unit may see some downward pressure in coming days.
In the money market, overnight rates ended at 13.0-13.5 percent, compared with Thursday's close of 12.0 percent, amid tight liquidity in the market.
Comments
Comments are closed for this article.