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Pakistan stocks end lower, rupee weakens, o/n rate fall

Source : REUTERS
Last Updated: Wed, Jan 02, 2013 12:40 hrs

KARACHI, Jan 2 (Reuters) - Pakistani stocks closed lower on Wednesday amid concerns over political stability and weaker interest in energy stocks, dealers said.

The Karachi Stock Exchange's (KSE) benchmark 100-share index ended 1.82 percent, or 304.88 points, lower at 16,489.99.

Despite a rally in regional markets and oil prices, heavyweight energy companies Oil & Gas Development Corporation, Byco Petroleum and Pakistan Petroleum Ltd. all fell in value, said dealer Samar Iqbal at Topline Securities

Byco Petroleum fell 7.09 percent to 13.10 per share. Financial services firm Jahangir Siddiqui was down 5.01 percent to 14.80 per share.

In the currency market, the Pakistani rupee ended weaker at 97.34/97.39 against the dollar, compared to Monday's close of 97.18/97.23.

Overnight rates in the money market ended at 6.50 percent compared to Monday's close of 8 percent.

On Tuesday the currency market and money markets were closed due to a bank holiday. (Compiled by the Karachi newsroom)




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