Karachi: Pakistani stocks fell Wednesday as cautious investors booked profits at higher levels amid worry about the economic cost of devastating floods which the government said would hurt growth, dealers said.
The Karachi Stock Exchange (KSE) benchmark 100-share index .KSE ended 0.17 per cent, or 16.64 points, lower at 9,875.68 on turnover of 61.6 million shares. "Investors are still concerned over rising fiscal deficit and inflation [because of the floods]," said Ahsan Mehanti, a director at Arif Habib Investments.
In the currency market, the rupee ended weaker at 85.76/80 to the dollar compared with Tuesday's close of 85.68/74 to the dollar because of higher import payments. Dealers said the rupee could come under more pressure in the short-term because of higher demand for dollars for import payments.
