Pakistan stocks lower on rising army-judiciary tensions

KARACHI Tue Nov 6, 2012 5:59pm IST

Stocks

   

KARACHI Nov 6 (Reuters) - Pakistani stocks closed lower on Tuesday after settling at record highs the past two sessions, pressured by cement stocks and concerns over rising tensions between the military and judiciary.

The country's army chief warned on Monday, in a veiled challenge to the Supreme Court, that any efforts to undermine the military and "draw a wedge" between it and its citizens would not be tolerated.

Rising tensions between the army and the judiciary have fueled concerns of further instability in Pakistan.

Fauji Cement fell nearly 3 percent, 0.19 rupees, to 6.64 per share, while Engro Foods rose 5 percent, or 3.65 rupees, to 76.67 per share.

The Karachi Stock Exchange (KSE) benchmark 100-share index ended 0.65 percent, or 105.22 points, lower at 16,051.14.

In the currency market, the Pakistani rupee weakened ahead of scheduled repayments to the International Monetary Fund later this month. It ended at 96.24/96.29 to the dollar, compared to Monday's close of 96.12/96.18.

Overnight rates in the money market ended at 7.00 percent compared to Monday's 7.50 percent. (Compiled by the Karachi newsroom)

Economic Pulse

REUTERS SHOWCASE

Vodafone Tax Dispute

Vodafone Tax Dispute

India advised against challenging Vodafone tax ruling - source  Full Article 

Banking Sector

Banking Sector

India's laggard state lenders face tough sell on capital raising plan  Full Article 

Trade Deal

Trade Deal

WTO postpones trade deal by a day after last-minute objection.  Full Article 

Falling Oil Prices

Falling Oil Prices

Saudis signal no push for oil cut as market to "stabilise itself"  Full Article 

Raising Stake

Raising Stake

Nippon Life to raise stake in Reliance Capital fund unit  Full Article 

Sterilisation Camps

Sterilisation Camps

Sterilisation targets remain in all but name, critics say  Full Article 

Share Buyback

Share Buyback

Samsung Electronics to buy back $2 billion in shares  Full Article 

Microsoft in China

Microsoft in China

Microsoft to pay China $140 million for 'tax evasion'   Full Article 

Flashback: 26/11

Flashback: 26/11

The three-day attack in November 2008 left 166 dead.  Slideshow 

Reuters India Mobile

Reuters India Mobile

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