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Pakistani stocks end lower; rupee weakens; o/n rates rise

October 17, 2012

A stockbroker on the floor of the Karachi Stock Exchange.—Reuters Photo

KARACHI: Pakistani stocks closed slightly lower on Wednesday due to concerns over plummeting foreign investment and gas shortages that could affect industry, traders said.

The Karachi Stock Exchange (KSE) benchmark 100-share index ended 0.13 per cent, or 19.68 points, lower at 15,654.62 on total volume of 91.251 million shares.

“Stocks closer lower today amid concerns over falling foreign direct investment in the country,” said Ahsan Mehsa. “Investors were worried.”

Foreign direct investment in Pakistan in the first quarter of the year had fallen by 67 per cent compared to the same period last year, he said, citing data from the state bank.  Investors were also concerned about potential gas shortages that might affect the industrial sector, he said. Pakistan’s industry has already been badly hit by daily power cuts.

In the currency market, the Pakistani rupee ended slightly weaker at 95.37/95.43 compared to Tuesday’s close of 95.27/95.35 to the dollar.

Overnight rates in the money market closed at 9.90 per cent compared to Tuesday’s 8.50 per cent.