Karachi: Pakistan's stocks fell to a four-year low, led by Oil & Gas Development Co, on concern foreign investors may accelerate the sale of shares that started since the country lifted its trading curb a month ago.
The Karachi 100 Index lost 266.65, or 4.6 per cent, to 5,511.93 at the 4pm local-time close, its third straight day of declines. The retreat added to its 10.2 per cent drop for the week.
"There is speculation that overseas investors will sell more shares worth $150 million," said Syed Suleman Akhtar, head of research at Foundation Securities in Karachi. "Foreign investors have been selling Pakistani stocks in the past 30 days, hurting the sentiment of local investors."
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