Pakistani stocks plunge over 300 points, rupee weakens

KARACHI: 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 per cent, 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 per cent to 13.10 per share. Financial services firm Jahangir Siddiqui was down 5.01 per cent 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 per cent compared to Monday’s close of 8 per cent.

On Tuesday the currency market and money markets were closed due to a bank holiday.

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usman hashmi

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