KARACHI: Pakistan stocks ended little changed on Wednesday, amid political uncertainty ahead of the prime minister’s speech in parliament on the Panama Papers leak that linked his family to offshore wealth.
The benchmark 100-share index of the Pakistan Stock Exchange closed 1.11 points higher at 36,266.23, posting its seventh straight session of gains, and its highest closing level.
“Investors were cautious as political uncertainty prevailed ahead of Prime Minister’s address in parliament on Friday,” said Fawad Khan, head of research, KASB Securities Pvt Ltd, adding that the federal budget due in the first week of June also weighed on investor sentiment.
Stocks that are expected to be included in the MSCI Emerging Market Index fell.
Fauji Fertilizer Company Ltd. closed down 0.21 percent, Oil and Gas Development Co. Ltd. lost 0.22 percent, Habib Bank Limited declined 0.22 percent and D G Khan Cement Co. Ltd. dropped 0.33 percent.
The rupee ended at 104.63/104.67 against the dollar, compared with Tuesday’s close of 104.63/104.68
Overnight rates in the money market were unchanged at 6.00 percent.
The benchmark 100-share index of the Pakistan Stock Exchange closed 1.11 points higher at 36,266.23, posting its seventh straight session of gains, and its highest closing level.
“Investors were cautious as political uncertainty prevailed ahead of Prime Minister’s address in parliament on Friday,” said Fawad Khan, head of research, KASB Securities Pvt Ltd, adding that the federal budget due in the first week of June also weighed on investor sentiment.
Stocks that are expected to be included in the MSCI Emerging Market Index fell.
Fauji Fertilizer Company Ltd. closed down 0.21 percent, Oil and Gas Development Co. Ltd. lost 0.22 percent, Habib Bank Limited declined 0.22 percent and D G Khan Cement Co. Ltd. dropped 0.33 percent.
The rupee ended at 104.63/104.67 against the dollar, compared with Tuesday’s close of 104.63/104.68
Overnight rates in the money market were unchanged at 6.00 percent.
