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
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)