Pakistani stocks end lower; rupee weakens; o/n rates rise
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)
- Tweet this
- Share this
- Digg this
- Sweden gets two new sightings, as hunt for undersea intruder goes on
- U.S. to funnel travelers from Ebola-hit region through 5 airports
- Coca-Cola announces growth plan as profit falls 14 pct
- Indiana police charge suspect who may have killed for decades
- 'Fraggle Rock' actor Gerard Parkes dies at age 90
As well as making the lives of millions of middle class Indians easier, the sharp drop in Brent crude prices since June is a boon for Prime Minister Narendra Modi in his fight to revive an economy growing at its slowest rate since the 1980s. Full Article