KARACHI: Pakistani shares fell in early trade on Friday as investors booked gains at higher levels ahead of the weekend following a rise of 4.3 per cent since Monday's peaceful election.
The Karachi Stock Exchange (KSE) benchmark 100-share index was down 0.31 per cent, or 46.01 points, to 14,925.93 on turnover of 47.82 million shares at 10:13 a.m. (0513 GMT).
The free-float KSE-30 share index was down 0.14 per cent to 18,237.95 points. "Sentiment still remains positive as the (political) uncertainty is clearing up," said Mohammed Sohail, director of equity broking at JS Global Capital Ltd.
The two main opposition parties vowed to work together on Thursday to form a government after their election victory, raising the prospect of a coalition intent on forcing U.S. ally President Pervez Musharraf from power.
Assassinated former prime minister Benazir Bhutto's Pakistan People's Party (PPP) won the most seats while the party of another former prime minister, Nawaz Sharif, came second. The main party that backs the unpopular Musharraf came a poor third.
Sharif, the prime minister Musharraf overthrew in 1999, has demanded the president steps down. The KSE-100 is the only share market in Asia to have gained this year, up 6.3 percent.
Its gains over the past 12 months are ranked behind only China and Indonesia, though many investors still consider it a difficult and illiquid market. The index set a life high at 15,034.31 points on Thursday and has risen about 900 percent since 2000.
Among the most active companies, Arif Habib Bank rose 0.65 rupees to 30.15, DG Khan Cement gained 1.80 rupees to 108.25, while Nishat Mills was 3.15 rupees higher at 105.40.
The Karachi Stock Exchange (KSE) benchmark 100-share index was down 0.31 per cent, or 46.01 points, to 14,925.93 on turnover of 47.82 million shares at 10:13 a.m. (0513 GMT).
The free-float KSE-30 share index was down 0.14 per cent to 18,237.95 points. "Sentiment still remains positive as the (political) uncertainty is clearing up," said Mohammed Sohail, director of equity broking at JS Global Capital Ltd.
The two main opposition parties vowed to work together on Thursday to form a government after their election victory, raising the prospect of a coalition intent on forcing U.S. ally President Pervez Musharraf from power.
Assassinated former prime minister Benazir Bhutto's Pakistan People's Party (PPP) won the most seats while the party of another former prime minister, Nawaz Sharif, came second. The main party that backs the unpopular Musharraf came a poor third.
Sharif, the prime minister Musharraf overthrew in 1999, has demanded the president steps down. The KSE-100 is the only share market in Asia to have gained this year, up 6.3 percent.
Its gains over the past 12 months are ranked behind only China and Indonesia, though many investors still consider it a difficult and illiquid market. The index set a life high at 15,034.31 points on Thursday and has risen about 900 percent since 2000.
Among the most active companies, Arif Habib Bank rose 0.65 rupees to 30.15, DG Khan Cement
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