KARACHI, Jan 15 (Reuters) - The Pakistani stock market fell
by three percent Tuesday after the Supreme Court ordered the
arrest of the prime minister over possible corruption charges.
Investors, who were already trading cautiously due to a
protest march led by a Sunni cleric in the capital of Islamabad,
aggressively sold shares after the announcement that the court
had ordered the arrest of Prime Minister Raja Pervez Ashraf.
It is only the fourth time that the Karachi Stock Exchange
has fallen by more than 500 points. The last time was in May
2008, when equities fell due to the impact of global financial
Trading volumes remained high due to extreme volatility.
Investors will be closely watching further political
developments, said dealer Samar Iqbal at Topline Securities.
The Karachi Stock Exchange's (KSE) benchmark
100-share index ended 3.16 percent, or 525.29 points, lower at
Fauji Cement fell 4.12 percent to 7.75 per share
while Byco Petroleum was down 3.35 percent to 12.70
D.G. Khan Cement dropped 4.62 percent to 51.00 per
share and Engro Corporation fell 4.55 percent to 82.00
In the currency market, the Pakistani rupee ended
weaker at 97.40/97.45 against the dollar, compared to Monday's
close of 97.30/97.36.
Overnight rates in the money market remained flat at 9.40
(Compiled by the Karachi newsroom)