KARACHI, Dec 11 (Reuters) - Pakistani stocks eased lower on
Tuesday, pressured by a drop in shares of cement and gas
companies, dealers said.
The Karachi Stock Exchange's (KSE) benchmark
100-index closed at 16,701.69 points, down 0.51 percent or 85.85
points from the previous session. The market hit a record high
of 16,903.46 on Friday.
Trading has been subdued ahead of the central bank's
decision on interest rates on Friday. Analysts expect the State
Bank of Pakistan to further cut its discount rate.
Fauji Cement fell 2.28 percent, or 0.15 rupee, to
6.43 per share, while Sui Northern Gas dropped 3.51
percent, or 0.85 rupees, to 23.40 per share.
Stocks that rose included Maple Leaf Cement, up
0.65 percent to 14.00 per share, and Engro Foods,
which gained 1.33 percent to 93.80 per share.
In the currency market, the Pakistani rupee weakened
to 97.15/97.25 against the dollar, compared to Monday's
The local currency may fall further due to high dollar
demand from importers, a dealer said.
Overnight rates in the money market remained flat at 9
(Compiled by the Karachi newsroom)