Pakistani stocks end lower; rupee weakens; o/n rates rise
KARACHI: Pakistani stocks fell below 16,200 points on Tuesday, pressured by concerns over rising violence in the country’s financial capital.
“The Karachi market closed in negative territory for the second session amid a fall in global markets and the prevailing law and order situation,” said Samar Iqbal, an equity dealer for Topline Securities.
Fauji Cement fell 2.11 per cent, or 0.14 rupees, to 6.50 per share, while Jahangir Sidiqui rose 1.73 per cent, or 0.28 rupees, to 16.42 per share.
The Karachi Stock Exchange (KSE) benchmark 100-share index ended 0.52 per cent, or 83.96 points, lower at 16,129.72.
In the currency market, the Pakistani rupee weakened to 95.86/95.92 to the dollar, compared to Monday’s close of 95.81/96.86, ahead of International Monetary Fund repayments due this month.
Overnight rates in the money market remained flat at 9.90 per cent.