Forum Views ()
Forum Replies ()
Read more with google mobile :
Pakistan stocks end down; rupee weaker; o/n rates up
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
Pakistan stocks end down; rupee weaker; o/n rates up
Reuters - Tuesday, August 31
Send
IM Story
Print
KARACHI, Aug 30 - Pakistani stocks ended at a two-and-a-half month low on Monday in dull trade as investors sold on worry about the economic costs of a month of flooding.
Most investors were also on the sidelines as they awaited the outcome of talks between the International Monetary Fund and the government, dealers said.
The Karachi Stock Exchange benchmark 100-share index <.KSE> ended 0.86 percent, or 82.29 points, lower at 9,516.42 on turnover of 36.63 million shares.
"Rising economic uncertainty over flood losses was the main reason for the selling pressure," said Ahsan Mehanti, director at Arif Habib Investments Ltd.
The KSE-index has lost 8.8 percent since the floods were triggered by unusually heavy monsoon rain at the end of July.
The floods have damaged about 14 percent of Pakistan's cultivated land, according to the United Nation food agency, and the total cost of damage to agriculture is believed to be almost $3 billion. [ID:nSGE67P0BL].
The disaster could knock down Pakistan's economic growth for the 2010/11 fiscal year to between zero and 2 percent, officials said last week, fuelling concern about the country's stability. [SGE67M0AV]
The Asian Development Bank, assessing flood damage and Pakistan's needs along with the World Bank, said this month economic growth could be 3 percent [nSGE67J028].
The government had targetted growth of 4.5 percent for this fiscal year but officials said the target would be revised after a full assessment of the damage.
Pakistan's finance minister and central bank governor are in talks in Washington this week with the IMF.
The finance minister said Pakistan wanted to keep pursuing an $11 billion IMF loan programme. No details have been given about what targets might be reviewed.
In the currency market, the rupee <PKR=> ended weaker at 85.63/68 to the dollar compared with Friday's close of 85.60/65 amid higher import payments.
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 high demand for dollars from importers as well as on debt repayments.
In the money market, overnight rates rose to 12.50 percent, compared with Friday's close of between 12 percent and 12.20 percent. Dealers said the next scheduled inflows were due on Friday amounting to 32 billion rupees . (For more Reuters coverage of Afghanistan and Pakistan, see: http://www.reuters.com/news/globalcoverage/afghanistanpakistan)
Recommend
Send
IM Story
Print
Related Articles
US-BUSINESS Summary Reuters - 15 minutes ago
HP approves extra $10 billion in stock buyback Reuters - 15 minutes ago
FOREX-Yen gains broadly after BOJ easing move disappoints Reuters - 16 minutes ago
European shares end little changed; drugmakers up Reuters - 17 minutes ago
India gives BlackBerry 60-day reprieve AFP - 19 minutes ago
News Search
Top Stories
Gun rampage leaves seven dead in Slovakia
US spending, incomes edge upward
Japan announces 920 bln yen stimulus package
Sweden's HQ Bank announces involuntary liquidation
Child health at risk from non-prescription drugs: study
More Top Stories »
ADVERTISEMENT
Most Popular
Most Viewed
Most Recommended
Earth's upper atmosphere shrinking, scientists say
Russian spy courts new scandal with racy photo shoot
Joy and tears greet US Army troops back from Iraq
Paris Hilton arrested for cocaine possession
Child health at risk from non-prescription drugs: study
More Most Viewed »
Obama endorses mosque plan near Ground Zero
Earth's upper atmosphere shrinking, scientists say
Tiger's ex breaks her silence on sex scandal
Belgian man dies of South Asian superbug
Most US students think Beethoven is a dog
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
Other News on Monday, 30 August 2010 Gun rampage leaves seven dead in Slovakia
Ten held over Beirut clash amid arms control talks
Exclusive: Obama to widen sanctions on North Korea
|
US-TECH Summary
Anger at German banker's comments on Jews, Muslims
Infineon sells wireless group to Intel
Afghan president criticizes anti-terror strategy
Palestinian PM Fayyad says time for Israeli answers
|
US spending, incomes edge upward
Moscow death rates 'up 50% in heatwave'
Nokia, Siemens confirm NSN investment talks: report
Somali rebels kill four AU peacekeepers
|
Two Russian pilots abducted in Darfur: army
Abbas, Palestinians should die
Abducted U.S. aid worker released in Darfur
|
Google acquires social networking startup Angstro
Sweden's HQ Bank announces involuntary liquidation
Israel won't extend settlement freeze ahead of talks
Iraq says sale of donated U.S. computers legal
Egypt urges EU to bolster U.S.-led Mideast peace bid
|
Nine dead in Russian retirement home blaze
Japan announces 920 bln yen stimulus package
Iraqis say war "not ending" despite U.S. drawdown
Americans Spending Up In July
Seven U.S. troops killed in south Afghan bombings
|
Zara takes the plunge into crowded online market
12 suspected rebels killed in Chechnya: president
Child health at risk from non-prescription drugs: study
Seven US troops, politician killed in Afghan attacks
Pastor Sent To Jail In Case Of Mistaken identity
North Korea's Kim says wants nuclear talks restarted
|
France Socialists challenge Sarkozy on security
3PAR says HP acquisition bid 'superior' to Dell's
Joy and tears greet US Army troops back from Iraq
Suspect In Utah Sheriff Deputy's Death Arrested
Israeli actors boycott theatres in settlements
Sanofi-Aventis makes 18.5 bln dollar bid for US Genzyme
Serbia ready for Kosovo compromise, up to a point: Tadic
Public Protests over Unemployment in Saudi Arabia
Libya to free 38 radical Islamists: attorney general
|
Analysis: Will battle for Kandahar win the war?
PR firm staff wrote iTunes 'customer' reviews
"The Last Exorcism" Finishes At 1st Place At The Weekend Box Office
Core business: Genome of the apple is laid bare
Car bomb kills Afghan official in east
|
"American Idol" Still Pining Over Elton John To Be Judge
Suspicion of 'racist' thinking on Roma expulsions
Afghanistan's blasted Buddhas beckon tourists
Microsoft appeals to Supreme Court over i4i patent
Nearly 15,000 war missing still haunt the Balkans
Obama To Mark End Of Combat Missions In Iraq With Tuesday Address
Senator Kerry warns of instability in Pakistan
|
Internet Age overhaul of USA Today to cost jobs
Small Plane Makes Emergency Landing On Georgia Golf Course
7 US troops killed in latest Afghanistan fighting
Putin opens Russian side of oil pipeline to China
Nokia, Siemens confirm NSN investment talks: report
Indian Born Archie Panjabi Takes Her First Emmy
Paris Hilton arrested for cocaine possession
Father Suspected In Fatal Arizona Shooting Found Dead
Lenovo to develop game consoles in China: report
Nokia and Intel launch joint research lab
Wife of ex-GOME chairman paroled in China
'Spiderman' arrested after scaling Sydney skyscraper
Human bones found at Australia backpacker murder site
Many evacuated as Indonesian volcano erupts again
Antigua, Caribbean brace for Hurricane Earl
Nokia, Intel say MeeGo software off to good start
Flood spares Pakistan city as waters recede
BlackBerry to offer India access: govt source
|
Angelina Jolie to write, direct movie on Bosnia war
Australian 'kingmakers' resume talks
3M to buy Cogent for more than $900 million
|
"Slumdog" helps usher in Hollywood's Indian era
Thousands flee Indonesian volcano
Tangible signs of life to arrive at 9/11 memorial
Intel seeks to close mobile gap with Infineon unit
|
LG Display says in talks with Compal for JV
China, Russia boost efforts to save tigers
Britney Spears may return to "Glee"
Google acquires social networking startup Angstro
|
7 Folsom inmates hurt after riot, shots fired
Taiwanese LCD maker files second suit against Sony
Bank of Japan announces fresh easing measures
Carter brings American home from North Korea
Online video key to Disney, Time Warner Cable row
|
Jolie to star in romantic film set in Bosnian war: UNHCR
"Kingmakers" make new demands in Australia deadlock
Guard troops to deploy to Arizona border on Monday
Dell says assessing 3PAR offer after HP trumps bid
|
Jolie to film love story set in Bosnia war
Brewer condemns report to UN mentioning Ariz. law
Iraq says sale of donated U.S. computers legal
|
Accused Somali pirate pleads guilty in U.S. court
Nokia, Siemens confirm NSN investment talks: report
|
Paul Allen's firm sues Silicon Valley giants
|
Accused Russian arms trader blasts media coverage
Rossellini to head Berlin Film Festival jury
RIM looks forward as India, other challenges loom
|
Drama series 'Mad Men' wins at Emmy awards
US-ENTERTAINMENT Summary
New faces keep Emmys broadcast fresh
"30 Rock" crushed at Emmys
Australia immigration prison riot hits second day
On Italian beaches, dog lifeguards are on watch
Indonesia eyes new capital as Jakarta bursts at seams
HBO leads Emmys pack, powered by "Temple Grandin"
CORRECTED
First-timers and new shows shake up Emmy awards
Pakistani central bank deputy seen getting top job
George Clooney wins humanitarian award at Emmys
Pakistan stocks end down; rupee weaker; o/n rates up
Time takes its toll on Latvia's 'Old Believers'
Japan announces fresh stimulus measures
Taiwan regulators to meet on stalled AIG unit deal
Emmy wins prove modern families are U.S. hits
|
Japan announces 920 billion yen stimulus package
First-timers and new shows shake up Emmy awards
|
HBO leads Emmys pack, powered by Temple Grandin
|
China state giants outstrip private firms: report
S.Korea c.bank to buy back 2-year MSBs from Sept
New faces keep Emmys broadcast fresh
|
George Clooney wins humanitarian award at Emmys
|
India gives BlackBerry 60-day reprieve
30 Rock crushed at Emmys
|
Seoul shares gain 1.8 pct on banks, steelmakers
Last Exorcism edges out Takers at box office
|
Venice festival gambles on youth, movie mavericks
|
Paris Hilton released after cocaine arrest: lawyer
|
Lennon's toilet sells for $14,740 at UK auction
|
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights