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Pakistani stocks end slightly up; rupee flat

June 26, 2012


The Karachi Stock Exchange.—Reuters Photo

ISLAMABAD: Pakistan’s main stock market ended slightly up on Tuesday but activity remained low on political risk concerns, analysts said.

The Karachi Stock Exchange benchmark 100-share index closed 0.1 per cent, or 13.85 points, higher at 13,656.04 on volume of 45.08 million shares.

“Investors stayed on the sidelines as they are waiting for the political situation to settle, as it is still quite uncertain with a new prime minister and a new cabinet,” said Atif Zafar, a research analyst at the JS Global financial services company.

Pakistan’s parliament elected former water and power minister Raja Pervez Ashraf as the new prime minister on Friday after the incumbent was disqualified by the Supreme Court.

In the currency market, the rupee closed flat at 94.40/45 against the dollar. The rupee hit a record low of 94.45/52 on Friday.

Overnight rates in the money market closed slightly lower at 11.50 per cent, compared to 11.75 per cent on Monday, because of slightly increased liquidity, dealers said.