Published On: Wed, May 16th, 2012

Rupee, o/n rates flat; Pakistani stocks dropped

ISLAMABAD: Pakistan stocks dropped on Wednesday, with the market wary of selling by foreign investors given the bearish trend in the region, dealers said.

The Karachi Stock Exchange (KSE) benchmark 100-share index ended 1.63 per cent, or 232.6 points, lower at 14,081.07, with a volume of 110.6 million shares, compared to Tuesday’s close of 14,313.67 points.

“Investors trimmed their position as they fear more foreign selling if regional markets’ bearish trend continues,” said Samar Iqbal, a dealer at Topline Securities.

In the currency market, the Pakistani rupee ended almost flat at 90.86/91 to the dollar, compared with Tuesday’s close of 90.83/88.

The rupee has been supported by remittances, which rose 20.2 per cent to $10.88 billion in the first 10 months of the 2011/12 fiscal year, compared with $9.05 billion in the same period last year.

In April, remittances totalled $1.14 billion.

Overnight rates in the money market ended at 11.90 per cent, the same level as on Tuesday.

(Dawn)

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