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Pakistan stocks lower on rising army-judiciary tensions
November 6, 2012 / 12:32 PM / 5 years ago

Pakistan stocks lower on rising army-judiciary tensions

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)

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