InfoAnda - Pakistani stocks end down; rupee weakens; o/n rates up

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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 end down; rupee weakens; o/n rates up Reuters - Saturday, September 4 Send IM Story Print KARACHI, Sept 3 - Pakistani stocks fell on Friday, despite the International Monetary Fund extending $450 million in emergency aid, after Moody's Investors Service downgraded its outlook on five of the country's banks to negative, dealers said. The Karachi Stock Exchange benchmark 100-share index <.KSE> ended 0.6 percent, or 59.83 points, lower at 9,703.06, on turnover of 37.5 million shares. "Even though the assistance from the IMF sends out a good signal, there was pressure from the change in outlook from Moody's and the economic consequences of the floods are now slowly being able to be seen," said Asad Iqbal, chief investment officer at Faysal Asset Management Ltd. Moody's Investors Service on Thursday changed to negative from stable the outlook on the long-term local currency deposit ratings and financial strength ratings of five leading Pakistani banks, due to economic damages caused by the floods. [nWLA2053] The rating agency said it expected economic growth to slow down and inflationary pressures to rise sharply on account of factors such as food shortages. Dealers said investors took the assistance from the IMF as a positive signal, but would look to see if the government implemented the reforms required by the IMF for the approval of the next tranche. The IMF said on Thursday it would give Pakistan $450 million in emergency flood aid and disburse funds in September to help the country cope with the devastation. Severe flooding in Pakistan has destroyed cropland and livestock and displaced millions of people, causing damage the government has estimated at $43 billion, or almost one quarter of the South Asian nation's 2009/10 gross domestic product . The IMF is also holding talks with a delegation led by Pakistan's finance minister, Abdul Hafeez Shaikh, on reorganising the terms of an $11 billion IMF loan programme, though it has stressed the need for the country's commitment to reforms. In the currency markets, the rupee <PKR=> ended weaker at 85.65/70 to the dollar, compared with Thursday's close of 85.55/60, amid higher payments for imports. Dealers said the rupee would be range-bound in the short-term but expected pressure in the medium-term. The rupee fell to a record low of 85.80 on July 12 amid a high demand for dollars from importers, as well as on debt repayments. In the money market, overnight rates rose to 12.90 percent, compared with Thursday close of 10 percent amid tight liquidity in the interbank market. Dealers said there were scheduled outflows of around 93 billion rupees and the State Bank of Pakistan injected 74.3 billion rupees in a reverse-repo. (For more Reuters coverage of Afghanistan and Pakistan, see: http://www.reuters.com/places/pakistan) ((E-mail: sahar.ahmed@thomsonreuters.com; Reuters Messaging: sahar.ahmed.reuters.com@reuters.net; Karachi newsroom: +92-21 3568 5192)) (If you have a query or comment about this story, send an e-mail to news.feedback.asia@thomsonreuters.com) Recommend Send IM Story Print Related Articles US STOCKS-Wall St rallies as jobs data spurs optimism Reuters - 24 minutes ago FOREX-Dollar falls vs euro, higher-yielding currencies Reuters - 38 minutes ago BP says failed blowout preventer off Gulf well Reuters - 40 minutes ago US-BUSINESS Summary Reuters - 41 minutes ago Madoff investors win $12.74 mln in Merkin case Reuters - 43 minutes ago News Search Top Stories BP spill costs hit eight billion as crews unearth clues Greater clarity on climate finance at 46-nation forum Brazil's Petrobras unveils $64 bln share offer Israeli researchers develop promising new HIV treatment Iran Guards stop opposition leader from joining mass rally More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Oil rig blast forces 13 workers into Gulf of Mexico Zeta-Jones 'furious' at late cancer diagnosis for Douglas 'Prostitute' Carla Bruni deserves death: Iran media Diabetes drug fights lung cancer in mice: study Davydenko joins seeded scrap heap at US Open More Most Viewed » Earth's upper atmosphere shrinking, scientists say Tiger's ex breaks her silence on sex scandal Most US students think Beethoven is a dog Unchecked migration would see Singapore swell, Haiti halve More Most Recommended » Elsewhere on Yahoo! 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