ISLAMABAD: Pakistan stocks closed down on Wednesday but stayed above 14,000 points, with investors wary after a fall was seen across global markets, dealers said.
The Karachi Stock Exchange (KSE) benchmark 100-index ended 0.77 per cent, or 109.26 points, down at 14,032.82 on volume of 138.76 million shares, compared to Tuesday’s close of 14,142.08.
“Investors remained cautious due to volatility in global markets,” said Samar Iqbal, a dealer at Topline Securities.
The Pakistan rupee closed on a record low for the second day in a row to end at 91.97/92.02 to the dollar, amid higher import payments particularly for oil, compared to Tuesday’s close of 91.65/70.
“Several import payments are due to go out tomorrow, mostly oil, so I expect pressure on the rupee to continue until then,” said currency dealer Sajjad Haider.
Overnight rates in the money market closed almost flat at 9.00, compared to Tuesday’s close of 9.10, because of increased liquidity.
