Updated :
Wednesday May 16 , 2012 6:47:13 PM
The
Karachi Stock Exchange dropped on Wednesday, with the market wary of
selling by foreign investors given the bearish trend in the region,
dealers said.
The KSE benchmark 100-share index ended 1.63 percent, or 232.6 points, lower at 14,081.07, with a volume of 110.6 million shares, compared to Tuesday's close of 14,313.67 points.
"Investors trimmed their position as they fear more foreign selling if regional markets' bearish trend continues," said Samar Iqbal, a dealer at Topline Securities.
In the currency market, the Pakistani rupee ended almost flat at 90.86/91 to the dollar, compared with Tuesday's close of 90.83/88.
The rupee has been supported by remittances, which rose 20.2 percent 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 percent, the same level as on Tuesday.
The KSE benchmark 100-share index ended 1.63 percent, or 232.6 points, lower at 14,081.07, with a volume of 110.6 million shares, compared to Tuesday's close of 14,313.67 points.
"Investors trimmed their position as they fear more foreign selling if regional markets' bearish trend continues," said Samar Iqbal, a dealer at Topline Securities.
In the currency market, the Pakistani rupee ended almost flat at 90.86/91 to the dollar, compared with Tuesday's close of 90.83/88.
The rupee has been supported by remittances, which rose 20.2 percent 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 percent, the same level as on Tuesday.
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