KARACHI: Pakistani stocks ended lower on Monday with oil shares falling as global oil prices eased slightly and on profit-booking in banks, dealers said.
The benchmark 100-share index at the Pakistan Stock Exchange closed down 0.44 percent at 34,567.52.
“In absence of any triggers, a slight slide in oil prices resulted in a decline in local oil stocks,” said Hammad Aman, manager, equity sales, at Topline Securities Pvt Ltd.
Oil prices edged back from 2016 highs on Monday as rising production in the Middle East outweighed a decline in US output and a sliding dollar.
Among the decliners in the sector were Pakistan Oilfields Ltd, Pakistan Petroleum Ltd. and Oil and Gas Development Co. Ltd.
Profit-taking was seen in banking stocks with MCB Bank Ltd, Habib Bank Ltd. and United Bank Ltd. ending the session lower.
The rupee ended at 104.73/104.77 against the dollar, compared with Friday’s close of 104.77/104.81.
Overnight rates in the money market fell to 5.00 percent from Friday’s close of 6.00 percent.
The benchmark 100-share index at the Pakistan Stock Exchange closed down 0.44 percent at 34,567.52.
“In absence of any triggers, a slight slide in oil prices resulted in a decline in local oil stocks,” said Hammad Aman, manager, equity sales, at Topline Securities Pvt Ltd.
Oil prices edged back from 2016 highs on Monday as rising production in the Middle East outweighed a decline in US output and a sliding dollar.
Among the decliners in the sector were Pakistan Oilfields Ltd, Pakistan Petroleum Ltd. and Oil and Gas Development Co. Ltd.
Profit-taking was seen in banking stocks with MCB Bank Ltd, Habib Bank Ltd. and United Bank Ltd. ending the session lower.
The rupee ended at 104.73/104.77 against the dollar, compared with Friday’s close of 104.77/104.81.
Overnight rates in the money market fell to 5.00 percent from Friday’s close of 6.00 percent.
