Pakistani stocks shed 427 points

February 10, 2014

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Led by aggressive institutional selling, the market dipped despite the IMF's upward revision of Pakistan's GDP target.—File Photo
Led by aggressive institutional selling, the market dipped despite the IMF's upward revision of Pakistan's GDP target.—File Photo

KARACHI: Pakistan's main stock exchange closed lower on Monday with the benchmark 100-share index of the Karachi Stock Exchange falling 1.60 per cent, or 426.57 points, to 26,255.21.

Led by aggressive institutional selling, the market shed 427 points.

The sharp dip took place despite positive news flows such as the almost ten per cent increase in the country's oil production and the International Monetary Fund upward revision of Pakistan's GDP target, said dealer Asad Siddiqui at Topline Securities.

Pakistan State Oil Co Ltd fell 1.68 per cent to338 rupees while DG Khan Cement Co Ltd was down 4.77 per cent to 91.49 rupees.

The rupee ended weaker at 105.38/105.43 against the dollar compared to Friday's close of 105.32/105.37.

Overnight rates in the money market remained flat at 10.00 per cent.