InfoAnda - Pakistani stocks end lower; rupee firms; o/n rates down

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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 lower; rupee firms; o/n rates down Reuters - Wednesday, February 24 Send IM Story Print KARACHI, Feb 23 - Pakistani stocks fell on Tuesday on news that Finance Minister Shaukat Tarin was stepping down and confirmation a 10 percent capital gains tax will soon be put on the purchase of shares, dealers said. Tarin said he was stepping down as finance minister to focus on his private banking interests. [ID:nSGE61M03D] "Tarin knows and understands the market well and there's a bit of uncertainty about who will replace him," said Sajid Bhanji, a dealer at brokers' Arif Habib Ltd. The Karachi Stock Exchange benchmark 100-share index <.KSE> ended 1.30 percent, or 129.50 points, lower at 9,823.57 on turnover of 130.74 million shares. Dealers said the market was also under pressure because of an announcement an initial 10 percent capital gains tax will be imposed on the purchase of stocks made on or after July 1 and which are held for six months or less. [ID:nSGE61M020] The tax will be 10 percent for two years on stocks held for less than six months, and 7.5 percent on stocks which are held for more than six months but less than a year, the KSE said in a statement late on Monday. After two years, the tax will be increased by 2.5 percent annually, and will be imposed on stocks held for less than six months, bringing the final rate to 17.5 percent, the KSE said. For stocks held for more than six months but less than a year, the tax will be increased by 0.5 percent annually, bringing the final rate to 10.0 percent, it said. RUPEE FIRMS AFTER ALL-TIME LOW The imposition of the capital gains tax on the purchase of stocks was expected, dealers said. But the KSE had earlier recommended a 5 percent capital gains tax in the 2010/11 fiscal year, which would go up gradually to 10 percent by 2014/15. Investors had not anticipated the 10 percent rate from the outset, dealers said. In the currency market, the rupee ended firmer at 85.03/05 to the dollar, compared with Monday's all-time closing low of 85.06/11. "The weakest traded level was 85.11," said a bank dealer. The rupee was traded at a record low of 85.15 this month. Dealers said the rupee firmed on suspected central bank intervention but they expected it to weaken in coming days unless external flows started to come in. In the money market, short-term money rates eased and dealers said they were waiting for a treasury bill auction scheduled for Wednesday in which the cut-off yields were expected to rise. Overnight call rates ended at 12.15 percent, compared with Monday's close of between 12.25 percent and 12.30 percent. "The cut-off yields in the auction are likely to go up by 5 to 10 basis points," said a brokerage dealer. The target for the T-bill auction is 115 billion rupees with settlement on Thursday. There were no inflows or outflows on Tuesday. The next inflow of 112 billion rupees is scheduled for Feb. 25. (For more Reuters coverage of Afghanistan and Pakistan, see: http://www.reuters.com/news/globalcoverage/afghanistanpakistan) Recommend Send IM Story Print Related Articles Beowulf ups iron ore estimate at Ruoutevare project Reuters - 48 minutes ago European shares extend losses after U.S. data Reuters - 1 hour 1 minute ago India's REC sale covered 3 times, to raise $760 mln Reuters - 1 hour 1 minute ago Corrected: Target quarterly profit tops estimates Reuters - 1 hour 2 minutes ago Saudi Rotana bets on News Corp to lead Arab media Reuters - 1 hour 2 minutes ago News Search Top Stories French strike adds to European air travel woes Harsh winter freezes German business confidence Cricketer Lee 'to quit Tests' after Flintoff chat French, British strike action clouds Europe's skies Former US VP Cheney hospitalized with chest pains More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Scientists shed light on sleep through the ages US stun Canada to rewrite history books Ice maidens raise temperatures China, India adding to e-waste timebomb: UN Germany's Lufthansa and pilots resume talks, ending strike More Most Viewed » Third-hand smoke also bad for you: study DNA reveals some mystery on King Tut, raises questions Pitt, Jolie sue British paper over split claims Fury heats up after new AIG bonuses Sugary soft drinks linked to pancreatic cancer: study More Most Recommended » Elsewhere on Yahoo! 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