Business | Markets
Stocks fall on new fuel levy for second day
Pakistan stocks fell for a second day after the government imposed a new fuel tax to circumvent a Supreme Court order forcing a price cut on Thursday.
- Bloomberg
- Published: 22:45 July 9, 2009
Karachi: Pakistan stocks fell for a second day after the government imposed a new fuel tax to circumvent a Supreme Court order forcing a price cut on Thursday.
The Karachi Stock Exchange 100 Index retreated 46.10, or 0.6 per cent, to 7,430.01. Oil & Gas Development Co., the country's biggest explorer, fell 1.2 per cent to Rs83.58.
Pakistan Petroleum Ltd., the biggest gas producer, declined 1.1 per cent to Rs190.17. Habib Bank Ltd., the second-largest lender, fell 0.4 per cent to Rs93.51.
"Uncertainty due to repeated fuel price changes and the lower-than-anticipated decline in inflation hurt investor sentiment," said Khurram Schehzad, a research analyst at Invest Capital & Securities Ltd. in Karachi.
"Investors were expecting inflation to drop below 13 per cent," Schehzad said.
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