InfoAnda - Pakistani stocks near 2-mth low; rupee weakens

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Pakistani stocks near 2-mth low; rupee weakens Reuters - Tuesday, May 18 Send IM Story Print KARACHI, May 17 - Pakistani stocks ended 2.3 percent down to a near two-month low on Monday because of falling international oil prices and in line with a fall in world markets over troubles in the euro zone. The Karachi Stock Exchange's benchmark 100-share index <.KSE> fell 2.32 percent, or 237.95 points, to 10,033.76 on turnover of 73.62 million shares. The KSE-index ended at 9,963.35 points on March 22. "The market remained under pressure throughout today's trading session on the back of a fall in regional markets and declining global oil prices," said Furqan Punjani, an analyst at Topline Securities Ltd. World stocks fell and the euro slumped to a four-year low on Monday as Asian markets caught up with Friday's sell-off in the West, shrugging off encouraging data and remaining fixated on trouble in the euro zone. [ID:nLDE64G0BJ] Dealers said international oil prices falling below $70 a barrel on Monday to their lowest in over three months also put pressure on the market. Oil and Gas Development Co Ltd <OGDC.KA>, the heaviest weighted company on the KSE-index, fell 1.12 percent to 136.50 rupees. Dealers said investors were encouraged by the International Monetary Fund's board approval of the fifth tranche amounting to $1.13 billion on Friday but the pressure from regional markets restricted gains. The IMF on Friday said its board agreed to release $1.13 billion in aid for Pakistan and waive some of its requirements. Pakistan agreed to an IMF emergency loan of $7.6 billion in November 2008 to avert a balance of payments crisis and shore up reserves. The IMF increased the loan to $11.3 billion in July. In the currency market, the rupee eased against the dollar amid higher demand for the U.S. currency from oil importers. "Even though oil prices have come down, there are many import payments and therefore pressure on the rupee," said a bank dealer. The rupee <PKR=> closed at 84.45/50 to the dollar compared with Friday's close of 84.30/35. In the money market, overnight rates rose to between 11.15 percent and 12.15 percent compared with Friday's close of between 10 percent and 10.5 percent. Dealers said the next inflow worth 56 billion rupees was scheduled for Thursday and there was also a treasury bill auction with a target of 60 billion rupees scheduled for Wednesday. (Reporting by Sahar Ahmed) (For more Reuters coverage of Afghanistan and Pakistan, see: http://www.reuters.com/news/globalcoverage/afghanistanpakistan) Recommend Send IM Story Print Related Articles GLOBAL MARKETS-U.S. stocks dn on earnings outlook Reuters - 25 minutes ago US-BUSINESS Summary Reuters - 26 minutes ago Lowe's dampens hopes for U.S. recovery in 2010 Reuters - 26 minutes ago India's GAIL sees $1.8 bln capex in FY11 Reuters - 36 minutes ago EU set to fine Samsung Elec, Hynix, others-sources Reuters - 37 minutes ago News Search Top Stories Greece PM says 'not begging' ahead of EU loan Euro, shares and oil caught in debt storm worries GM returns to profit in 2010 first quarter Astronauts begin first space walk from Atlantis Prudential eyes record takeover of Asian insurer More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Boy survivor of Libya air crash 'stable but confused' Portugal takes more austerity measures Asia steps into Cannes spotlight Pope rallies priests as crowds flock to Fatima Euro hits four-year dollar low, stocks mixed More Most Viewed » Scientists stunned as grey whale sighted off Israel Lack of sleep linked to early death: study UN fears 'irreversible' damage to natural environment Earth may be too hot for humans by 2300: study Freddie Mac asks for fresh 10.6 billion dollar bailout More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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