Pakistan stock market
suffers the lower world oil prices – Pakistan oil an gas news
Islamabad, May 8 (Reuters) – Pakistan shares closed
lower on Tuesday, led by sales of oil and gas sector due to lower world oil prices, analysts said.
Karachi Stock Exchange (KSE) 100-test of stock
index ended 0.71 percent or 104.01 points, lower at 14,513.96 points, with a volume of 176.8 million, compared to close Monday at 14,617.97.
"The market saw a downward trend today, especially in the sale of oil
and gas sector," said Atif Zafar, analyst at JS Global financial services company.
"Lower oil prices also played a role in relation to investors to heavyweight oil and gas stocks."
Petroleum Limited closed 1.24 percent lower at 192.49 rupees Pakistan, Oil and Gas Development Corporation ended 0.9 percent to 166.9 rupees, and Pakistan fields closed 1.7 percent lower at 384.5 rupees.
Oil and gas reserves are the heavyweights in the CSF from 32.9 percent of the class weightage.
In the currency market, the Pakistani rupee ended at 90.82/88 slightly weaker than the dollar, compared
to close Monday at 90.74/79.
The rupee has been supported by
remittances, which rose 21.45 percent to $ 9.73 billion in the first nine months of 2011/12 financial year, compared with $ 8.02 billion during the same period last year.
In March, remittances totaled $ 1.14 billion.
Overnight rates in the money market ended lower at 11.25 percent, compared to close Monday at 11.90 percent.
(Reporting by Qasim Nauman, Writing Rebecca Conway)