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Pakistani stock market ends down

August 24, 2012


Traders on the floor of the Karachi Stock Exchange.—Reuters Photo

KARACHI: Pakistani stocks ended lower on Friday as investors braced for the possibility of fresh political instability, traders said.

The Karachi Stock Exchange (KSE) benchmark 100-share index ended 0.27 per cent, or 41.37 points, lower at 15,039.18, on volume of 15.79 million shares.

“Investors are being cautious ahead of the Supreme Court hearing next week,” said Mohammad Sohail, chief executive at Topline Securities.

Engro Corp was the biggest winner, gaining 3.01 per cent to close at 96.50 rupees.

Prime Minister Raja Pervez Ashraf is due to appear before the Supreme Court on Aug 27 over his failure to comply with orders to reopen corruption cases against President Asif Ali Zardari.

The move, another twist in a long-running standoff between the government and the judiciary, could lead to further political turmoil.