Karachi stock market reverses close plan

Pakistan's main stock exchange in Karachi has reversed an earlier decision to close at noon.

Pakistan’s main stock exchange in Karachi will close at the usual 3:30 p.m. local time on Tuesday,reversing an earlier decision to close at noon because of floods in Pakistan’s commercial capital,an exchange official said.

There has been some increase in attendance and though volumes are still pretty low,we have decided for the convenience of investors that the market will close as normal,Nadeem Naqvi,managing director of the Karachi Stock Exchange (KSE) told Reuters.

However,the trades done today will be merged with those of tomorrow and hence will be settled tomorrow,he said.

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Naqvi had earlier said that the market will close at noon due to a lack of volume and negligible attendance of members.

Floods triggered by monsoon rains have crippled Pakistan’s biggest city and commercial hub of Karachi on Tuesday,with few people able to make it to work or school,officials said.

The benchmark KSE 100-share index was up 0.63 percent by noon on volume of just over 11 million shares.

Floods to close Karachi stock market early

Pakistan’s main stock exchange in Karachi will close early on Tuesday after heavy rains flooded most parts of the commercial capital,an exchange official said.

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We will close today at noon due to a lack of volume and literally negligible numbers of members present in the premises of the exchange,Nadeem Naqvi,managing director of the Karachi Stock Exchange (KSE),said.

There is no presence of banking staff either so the trades done today will be settled tomorrow,he said.

We will issue a notice in this regard soon.

The benchmark KSE 100-share index was up 0.50 percent by 0545 GMT on volume of just over 4 million shares.

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