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Pakistani stocks end slightly up; rupee weakens against dollar

August 10, 2012


A trader on the floor of the Karachi Stock Exchange.—Reuters (File Photo)

KARACHI: Pakistan’s main stock market closed slightly up in thin trade on Friday on investor caution ahead of the central bank’s monetary policy announcement aater in the day, analysts said.

The Karachi Stock Exchange benchmark 100-share index gained 1.9 points, or 0.01 per cent, to close at 14,761.49 on volume of 22.03 million shares.

“Investors largely chose to stay on the sidelines today with the State Bank of Pakistan due to make its monetary policy announcement, waiting to see if the key rate will be maintained or cut,” said Atif Zafar, a research analyst at the JS Global financial services company.

The State Bank of Pakistan is due to announce its monetary policy for the next two months later on Friday.

In the currency market, the rupee weakened slightly to close at 94.12/19 to the dollar, compared with 94.00/07 on Thursday.

Overnight rates in the money market closed at 11.90 per cent, the same level as Thursday.