Asian, European markets fall dips KSE by 62 points

KARACHI (Reuters) The Karachi stock market ended lower taking cue from the regional markets. The KSE benchmark 100-share index closed 0.55 per cent, or 62.21 points, lower at 11,286.21. Volume was 72.65 million shares, compared with 90.93 million shares traded on Thursday. Profit taking in Attock group companies coupled with fall in Asian and European markets, led to the market closing 0.5 percent lower, said Samar Iqbal, a dealer at Topline Securities Ltd. In the money market, overnight rates ended flat at 13.40 percent, despite a reverse repo by the State Bank of Pakistan in which it bought back government paper worth 30 billion Pakistani rupees ($342.85 million). Meanwhile, shares at the Islamabad Stock Exchange on Friday witnessed bearish trend as the index fell by 9.11 points to close at 2434.48 when it compared with previous days trading. Senior Equity Dealer, Ismail Iqbal Pvt Ltd, Zaheer Ahmed told the news agency that the equity market witnessed technical correction today because the last few sessions of markets remained bullish because of major participation by local and foreign investors. He said that the investors, keeping the short-time view, off-loaded major positions for profits but there were no such negative sentiments in the markets because major stock-listed companies announced the best corporate results with more than expected dividend payouts. He added that the rumours of clearing circular debt by the Pakistan State Oil (PSO) with the help of government-owned bank loan attracted the investors to take positions in the stock markets. Stock Analyst and President, Association for Investors Awareness, M.M Hassan informed that decline in the international markets and profit-taking on the last trading day of the week caused the equity markets to remain in the range-bound.

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