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Pakistan stocks fall slightly on US tension
Pakistani stocks ended lower yesterday on concern about tension between Pakistan and the US over the conduct of the war on terrorism and on the absence of any moves to address econ-omic problems, dealers said.
- Agencies
- Published: 00:30 September 12, 2008
Karachi: Pakistani stocks ended lower on Thursday on concern about tension between Pakistan and the US over the conduct of the war on terrorism and on the absence of any moves to address econ-omic problems, dealers said.
The Karachi Stock Exchange benchmark 100-share index fell 0.56 per cent, or 52.29 points, to 9,263.39 on low turnover of 10.96 million shares.
"There has been an unwelcome spike of geo-political noise with the US becoming more aggressive about dealing with militant outfits in Pakistan," said Ahsan Chisti, head of international institutional sales at BMA Capital.
The New York Times reported yesterday that US President George W. Bush had authorised commando raids by US soldiers in Afghanistan to eliminate militant sanctuaries in Pakistani tribal lands.
Pakistani army chief General Ashfaq Kayani has warned that foreign troops would not be tolerated on Pakistani soil.
Pakistan is facing ,inflation at close to 25 per cent and the rupee near record lows. The KSE-index has shed 34.2 per cent since the beginning of the year.
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