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Shares fall at PSX after drop in global crude prices

Latest Update: July 25, 2016 | 190 Views

KARACHI: Pakistan stocks extended losses for a second session on Monday on profit-taking in oil stocks after a drop in global crude prices, dealers said.

The benchmark 100-share index of the Pakistan Stock Exchange closed down 0.34 percent at 39,017.32.

“Declining international oil prices coupled with profit-taking led the market to close down,” Hammad Aman, manager-equity sales, Topline Securities, told Reuters.

Oil prices fell on Monday, holding near two-month lows amid worries that a global glut of crude and refined products would weigh on markets for some time.

Oil majors Pakistan Petroleum Limited fell 2.06 percent, while Oil and Gas Development Co Ltd lost 1.64 percent.

However, investor interest was seen in refinery stocks with Attock Refinery Ltd gaining 1.85 percent while Pakistan Refinery Ltd ended 3.39 percent higher.

The rupee ended flat at 104.81/104.86 against the dollar, compared with Friday’s close of 104.81/104.85.

Overnight rates in the money market dropped to 5.80 percent from Friday’s close of 6.10 percent.



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