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Pakistani stocks end almost flat; rupee weakens | Business | DAWN.COM
KARACHI: Pakistani shares ended almost flat on Tuesday as some investors sold off mid-cap stocks while others looked for bargains in financial and textile firms, dealers said.
The Karachi Stock Exchange (KSE) benchmark 100-share index closed down 0.07 percent, or 8.12 points, at 11,874.89 points.Volume fell to 60.17 million shares, compared with 67.06 million traded on Monday.
The market closed lower amid thin trade due to limited institutional and foreign interest, said Ahsan Mehanti, director at Arif Habib Corp. Fauji Fertilizer Bin Qasim shed 0.56 per cent at 46.10 rupees, and Bank Alfalah fell 1.54 per cent to 12.17 rupees.
Financial services firm Jahangir Sidiqui rose 5.28 per cent to close at 5.58 rupees, while textile company Azgard Nine gained 7.59 per cent to end at 3.40 rupees.
In the currency market, the rupee ended weaker at 90.40/45 to the dollar, compared with Mondays close of 90.35/42, driven by increased import payments.
The rupee touched a record low of 91.28 to the dollar on Jan. 9, pressured by concerns about higher payments for oil imports and the countrys economic health, especially a weakening current account.
The current account recorded a provisional deficit of $2.154 billion in the first six months of the 2011/12 fiscal year, compared with a surplus of $8 million in the same period last year, according to data from the State Bank of Pakistan.
The deficit is likely to widen further in coming months because of debt repayments and a lack of external aid. In the money market, overnight rates ended flat at 11.90 per cent, unchanged from Mondays close, due to a lack of liquidity in the interbank market.
KARACHI: Pakistani shares ended almost flat on Tuesday as some investors sold off mid-cap stocks while others looked for bargains in financial and textile firms, dealers said.
The Karachi Stock Exchange (KSE) benchmark 100-share index closed down 0.07 percent, or 8.12 points, at 11,874.89 points.Volume fell to 60.17 million shares, compared with 67.06 million traded on Monday.
The market closed lower amid thin trade due to limited institutional and foreign interest, said Ahsan Mehanti, director at Arif Habib Corp. Fauji Fertilizer Bin Qasim shed 0.56 per cent at 46.10 rupees, and Bank Alfalah fell 1.54 per cent to 12.17 rupees.
Financial services firm Jahangir Sidiqui rose 5.28 per cent to close at 5.58 rupees, while textile company Azgard Nine gained 7.59 per cent to end at 3.40 rupees.
In the currency market, the rupee ended weaker at 90.40/45 to the dollar, compared with Mondays close of 90.35/42, driven by increased import payments.
The rupee touched a record low of 91.28 to the dollar on Jan. 9, pressured by concerns about higher payments for oil imports and the countrys economic health, especially a weakening current account.
The current account recorded a provisional deficit of $2.154 billion in the first six months of the 2011/12 fiscal year, compared with a surplus of $8 million in the same period last year, according to data from the State Bank of Pakistan.
The deficit is likely to widen further in coming months because of debt repayments and a lack of external aid. In the money market, overnight rates ended flat at 11.90 per cent, unchanged from Mondays close, due to a lack of liquidity in the interbank market.
