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

KARACHI Wed Oct 17, 2012 6:25pm IST

Stocks

   

KARACHI Oct 16 (Reuters) - 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 percent, 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 percent 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 percent compared to Tuesday's 8.50 percent. (Reporting by Katharine Houreld)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Pharma

REUTERS SHOWCASE

Modi's U.S. Trip

Modi's U.S. Trip

PM Modi to get rock star reception in New York.  Full Article 

Northeast Floods

Northeast Floods

Landslides and floods kill 22 in northeast India.  Full Article 

Food Subsidy

Food Subsidy

Ram Vilas Paswan says no plans to raise food handouts.  Full Article 

Importing Iron Ore

Importing Iron Ore

JSW Steel to import 10 mln T of iron ore due to local shortage.  Full Article 

End of Monsoon

End of Monsoon

Monsoon starts withdrawing from northwest region.  Full Article 

Breaking Up

Breaking Up

Philips to split off lighting business, form separate company.  Full Article 

Bumper Sales

Bumper Sales

Apple sells more than 10 mln new iPhones in first three days  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage