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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 Pakistan security casts pall over stocks rise Reuters - Friday, January 1 Send IM Story Print * Pakistani stocks up 63 pct in 2009 vs 58 pct loss in 2008 * Average volumes in 2009 lower vs 2008 on security concerns By Sahar Ahmed KARACHI, Dec 31 - Pakistan's main stock market closed out 2009 with a 63 percent annual gain, its highest rise since 2003, despite mounting security concerns over Taliban attacks that have killed thousands and pressured a weak government. But investors remained wary, especially after a suicide bomber this week killed 43 people in Pakistan's commercial capital Karachi and sparked riots. "Investors are being cautious, selling their shares on security issues," said Asad Iqbal, managing director at Ismail Iqbal Securities. Pakistani stocks ended Thursday 1.27 percent lower than the previous session as investors sold shares ahead of an expected strike on Friday over the bomb attack. The Karachi Stock Exchange's benchmark 100-share index <.KSE> ended 121.03 points lower at 9,386.92 on thin turnover of 111.44 million shares on Thursday. The Taliban claimed responsibility for this week's attack and threatened more bloodshed. For a question and answer factbox on the Karachi attack see: [ID:nSGE5BU042] The bombing was one of the bloodiest in Karachi since the October 2007 attack which killed former prime minister Benazir Bhutto and around 140 other people. Dealers said sentiment was also negative after Moody's Investors Service gave a poor outlook for Pakistan's banking system because of "continued economic slowdown, domestic security instability and the weak sovereign position." Analysts said the market benefited from a narrowing of the current account and budget deficits, lower inflation, the stabilisation of the macroeconomic situation and attractive valuations. In 2009 Pakistan's military launched offensives in the Swat Valley and South Waziristan Taliban strongholds. The Swat operation was described as a victory for the government. Militants struck back with bombings that have killed hundreds of people since the October South Waziristan crackdown. "A strong improvement in forex reserves, a successful Swat operation and return of international investors were also reasons for a strong performance this year," said Ayub Ansari, an analyst at Invest and Finance Securities Ltd. But volume remained weak as investors were reluctant to take fresh positions due to security fears, analysts said. "Despite the gain in 2009, few investors made profits as measured by volume," Farhan Mahmood, an analyst at Topline Securities, said in a note. "Average daily volumes in 2009 were only $90 million down from $290 million in 2008 ." Authorities imposed a floor on the KSE index in August 2008 as political uncertainty and economic and security worries drained investor confidence. The floor was removed in December 2008. In the currency market, the rupee weakened due to higher dollar demand for import payments, dealers said, adding that the local unit could come under further pressure. The rupee closed at 84.30/34 to the dollar, compared with Wednesday's close of 84.19/24. The rupee has weakened 6.17 percent this year after losing 22.12 percent in 2008. In the money market, overnight call rates ended at top levels of 12.40 percent compared with Wednesday's close of 11.50 percent. Dealers said there was in inflow of 11 billion rupees against an outflow of 17 billion rupees. 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