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Pakistani stocks end higher 8938.99 points |
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Updated at:
1735
PST, Tuesday, November 03, 2009 |
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KARACHI: Pakistani stocks ended up on Tuesday after falling more than 3 percent the previous day but turnover was low as investors stayed on the sidelines because of worry about security and political uncertainty, dealers said.
The Karachi Stock Exchange's benchmark 100-share index ended 0.75 percent, or 66.59 points higher, at 8,938.99 on turnover of 105.86 million shares.
"Volumes were on the lower side mainly on the back of political uncertainty regarding the NRO (National Reconciliation Order) issue," said Furqan Punjani, an analyst at Topline Securities Ltd.
Pakistan's government has averted a potentially destabilising coalition split by abandoning a bid to get parliamentary approval for an amnesty from graft charges for the president and other senior politicians.
Former president Pervez Musharraf introduced the amnesty, known as the National Reconciliation Order (NRO), by decree in 2007 but the Supreme Court said in July that it had to be approved by parliament.
Dealers said security fears also cast a shadow over the market as Taliban militants have responded to an offensive launched against them last month by stepping up bomb attacks on urban targets.
However, dealers said institutions accumulated shares at lower levels as the market was offering good valuations.
The KSE-100 index is up 52 percent this year after losing 58.33 percent last year.
In the currency market, the rupee ended weaker at 83.68/78 to the dollar, compared with Monday's close of 83.65/70.
The rupee has weakened 5.47 percent this year after losing 22.12 percent last year.
Dealers expect pressure from importers will further weaken the currency and the worsening security situation could also have a negative impact. |
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