KARACHI Nov 6 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)