Updated on
Summary
Karachi stocks closed lower on Monday as local institutions booked profits above 9,000 points, pulling the market back from Friday's 2009 closing high, dealers said. The Karachi Stock Exchange's (KSE) benchmark 100-share index fell 66.81 points (0.74 per cent) to 8,935.86 on Monday on turnover of 170.4 million shares. There was some resistance above 9,000 points and we witnessed some profit selling, said Sajid Bhanji, a dealer at brokers' Arif Habib Ltd. Dealers said the sentiment was still positive but the market may consolidate around current levels before crossing 9,000 points. Dealers said foreign investors have been looking at Pakistan because its macroeconomic fundamentals were improving but there was selling from local institutions. Among the most active companies, Oil and Gas Development Co Ltd, volume leader, fell 2.53 percent to 112.10 rupees. D.G. Khan Cement shed 2.81 percent to 33.91 rupees, and Bank Al Falah ended 6.15 percent lower at 12.20 rupees.
