ISLAMABAD: Pakistan stocks fell for a second day running on Thursday with confidence hit by two days of consecutive net selling by foreign investors and concerns about regional markets, analysts said.
The Karachi Stock Exchange (KSE) benchmark 100-index ended 0.13 per cent, or 17.99 points, lower at 14,063.08 on volume of 103.3 million shares.
“The mood in the market was dull because of concerns that other markets in the region aren’t doing so well, and also because of selling by foreign investors for the last two days,” said Atif Zafar, a research analyst at the JS Global financial services company.
Foreign investors sold shares worth a net $1,674,866 on Wednesday, and $3,487,911 on Tuesday, according to the National Clearing Company of Pakistan.
In the currency market, the Pakistani rupee ended almost flat at 90.88/95 to the dollar, compared with Wednesday’s close of 90.86/91.
The rupee has been supported by remittances, which rose 20.2 per cent to $10.88 billion in the first 10 months of the 2011/12 fiscal year, compared with $9.05 billion in the same period last year.
In April, remittances totalled $1.14 billion.
Overnight rates in the money market ended at 11.90 per cent, the same level as on Wednesday.