KARACHI Oct 16 Pakistani stocks closed slightly
lower on Wednesday due to concerns over plummeting foreign
investment and gas shortages that could affect industry, traders
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)