InfoAnda - Pakistani stocks, rupee flat; 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, rupee flat; o/n rates up Reuters - Friday, July 23 Send IM Story Print KARACHI, July 22 - Pakistani stocks ended flat on Thursday amid light trading as investors stayed on the sidelines ahead of the anticipated monetary policy, due to be announced on July 30, dealers said. The Karachi Stock Exchange's benchmark 100-share index <.KSE>, fell 0.05 percent, or 5.17 points, to end at 10,228.86 points. Volume fell to 60.22 million shares, compared with 118.68 million shares traded on Wednesday. Dealers speculated that the light trading was because the government rejected all bids for the Pakistan Investment Bond at an auction on Wednesday as the cut-off yields for the bids received were much higher. "The market seemed confused about the rejection of the auction with most analysts trying to look for answers and its likely investors will stay on the sidelines until the announcement of the monetary policy," said Asad Iqbal, chief investment officer at Faysal Asset Management Ltd. In the currency market, the rupee <PKR=> ended flat at 85.47/54 to the dollar, compared with Wednesday's close of 85.45/55. Dealers said the local unit was expected to stay rangebound in the near term. The rupee fell to a record closing low of 85.75/80 last week amid high dollar demand from importers as well as debt repayments. In the money market, overnight rates rose to 12.40 percent, compared with Wednesday's close of between 12.00 percent and 12.15 percent, amid a lack of liqudity. (For more Reuters coverage of Afghanistan and Pakistan, see: http://www.reuters.com/news/globalcoverage/afghanistanpakistan) Recommend Send IM Story Print Related Articles Turkish stocks set fresh high, optimism on banks Reuters - 38 minutes ago Hershey beats, but keeps 2010 profit view Reuters - 44 minutes ago US-BUSINESS Summary Reuters - 45 minutes ago Strong earnings, housing data push Wall St higher Reuters - 45 minutes ago FOREX-Euro rises versus dollar as data lifts risk appetite Reuters - 47 minutes ago News Search Top Stories Storm threat may imperil BP battle to plug Gulf well US initial jobless claims rise more than expected Monaco's playboy prince sets wedding date Nokia continues to struggle in smartphone market Desmond Tutu, nearing 79, bows out of public life More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Parachuting donkey shocks Russian beachgoers Beatles piano up for sale: auction house Bernanke warns of 'uncertain' economic outlook Lindsay Lohan carted off to jail Obama signs historic finance reform bill More Most Viewed » Parachuting donkey shocks Russian beachgoers Paris Hilton caught with cannabis in handbag Germany's 'Octopus oracle' keeps perfect record 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. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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