Pakistan stocks end lower; rupee steady
KARACHI – Pakistani stocks closed lower on Tuesday as investors kept a cautious eye on domestic politics, brokers said.
The Karachi Stock Exchange 100-share index closed down 0.56 percent, or 189.89 points, at 33,533.64.
“Investors were continuously trimming their portfolios after the election tribunal gave a verdict of irregularities on one of the ruling party’s National Assembly seats,” said Muhammad Rizwan at Topline Securities.
The tribunal’s verdict resulted in the disqualification of Railways Minister Saad Rafique. He denied rigging.
The tribunal ordered a new election in the constituency, setting the scene for a bruising battle for votes between the ruling party and that of cricketer-turned-opposition politician Imran Khan.
DG Khan Cement Co Ltd ended down 3.72 rupees at 133.07 rupees. Muslim Commercial Bank Ltd lost 1.41 rupee to close at 276.01 rupees.
The rupee ended steady at 101.73/101.78 against the dollar, compared with Monday’s close of 101.72/101.77.
Overnight rates in the money market rose to 8.00 percent from Monday’s close of 7.50 percent. – Reuters