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A stockbroker at the Karachi Stock Exchange.—Reuters/File Photo.
A stockbroker at the Karachi Stock Exchange.—Reuters/File Photo.

KARACHI: Pakistan's main stock exchange closed lower on Thursday, with the benchmark 100-share index of the Karachi Stock Exchange falling 0.10 per cent or 21.60 points to 22,214.73.

Due to Pakistan State Oil Co Ltd's lower-than-expected dividend and speculation that the cement cartel may breakdown, the market remained range-bound.

Although global equity markets breathed a sigh of relief because of an ease-off in Syrian tension, local investor sentiments remained weak, dealers said.

DG Khan Cement Co Ltd fell 4.11 per cent to 77.65 rupees while Pakistan State Oil Co Ltd was down 3.53 per cent to 300.89 rupees.

The rupee ended weaker at 104.35/104.40 against the dollar, compared to Wednesday's close of 103.86/103.93.

Overnight rates in the money market fell to 6.50 per cent from Wednesday's close of 7.75 per cent.

Comments (2) Closed

S. Israr Ali Aug 31, 2013 09:11am

The PMLN Government at even the very beginning of its tenure has totally failed to manage and contain the parity rate of Pak rupee which appears to be on speedier continuous sliding pedestal than that of its predecessor PPP government as now it has crossed Rs.105 a dollar kick started from below Rs.100.

Earlier it was the same PMLN which unleashed tirade against then government on any sliding in parity rates or hike in petroleum prices and came to power with much fanefare and tall and loud claims to stop and reverse the trends. The ultimate gainers are elites classes of few people at the cost of country, common man, poor masses who are the main losers and victims.

syed baqar ahsan Aug 31, 2013 09:59pm

love for the currency other then own is the real cause of this decline,it is a mind set of the people and the leaders who disgrace their own rupee.