Gao Xiqing, President of China Investment Corporation (CIC) smiles as he holds a mallet to hit the ceremonial gong during his visit to the Karachi's Stock Exchange December 3, 2012. - Photo by Reuters
Gao Xiqing, President of China Investment Corporation (CIC) smiles as he holds a mallet to hit the ceremonial gong during his visit to the Karachi's Stock Exchange December 3, 2012. - Photo by Reuters

KARACHI: Pakistani stocks closed lower on Monday, as traders booked profits after the benchmark index hit record highs in each of the previous four sessions.

The Karachi Stock Exchange's (KSE) benchmark 100-share index ended 0.22 per cent, or 35.88 points, lower at 16,537.98 on total volume of 195,57 million shares. The market surged to a record of 16,651.10 on Friday.

Sui Northern Gas fell 0.46 per cent, or 0.11 rupees, to 24.05 per share, while National Bank dropped 1.32 per cent, or 0.66 rupees, to 49.20 per share. Bank Al Falah rose 0.72 per cent, or 0.12 rupees, to 16.86 per share.

The market's decline was limited by a smaller-than-expected rise in inflation, which traders believe will give the central bank the necessary freedom to ease interest rates later this week.

Pakistan's consumer price index rose 6.93 per cent in November from a year earlier, the Pakistan Bureau of Statistics said. On a month-on-month basis, inflation declined by 0.39 per cent from October. In the currency market, the Pakistani rupee eased to 96.57/96.62 against the dollar, compared to Friday's close of 96.49/96.54, on weak demand for the local currency. Overnight rates in the money market ended at 7.00 per cent compared to Friday's close of 9.50 per cent.

More From This Section

Dar takes tax officials to task over target

Chief commissioners were called in to work out means for showing growth in revenue collection to reach the target.

Saudi Arabia warns PIA of halting flights over unpaid dues

Saudi civil aviation authority threatened PIA of stopping all flights in case dues are not cleared by April 17.

Amount of unpaid power bills increases to Rs286bn

Power companies blame poor governance of power sector for the fresh build-up of unpaid bills known as circular debt.

PTA dispels reports of dismal response to 3G, 4G auction

PTA says response was “very encouraging and satisfactory”, and that the auction will go through on April 23.


Comments are closed.
Explore: Indian elections 2014
Explore: Indian elections 2014
How much do you know about Indian Elections?
How much do you know about Indian Elections?
Poll
From The Newspaper
Tweets