Karachi: Pakistani stocks ended lower following statements that the country's economic growth for the fiscal year 2010-11 may be zero per cent because of the devastation caused by the floods, dealers said.
The Karachi Stock Exchange (KSE) benchmark 100-share index ended 1.78 per cent, or 174.93 points, lower at 9,637.17 on turnover of 39.68 million shares.
"The estimates of economic growth of zero per cent has made investors jittery with people opting to sell and move to the sidelines ahead of the IMF [International Monetary Fund] meetings and damage assessment," said Salman Shaikh, chief investment officer of Faysal Asset Management Ltd.
In the currency market, the rupee ended firmer at 85.55/60 to the dollar, compared with Monday's close of 85.58/63 amid lack of import payments.
