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.
Share this article
More from Markets
More from Business
Popular in Business
-
Budget travel
Airlines in the region
Take a pictorial look at some of the budget airlines in GCC
Business Editor's choice
-
It costs a million to raise a child
Generation Z doesn't leave home at 18, but stay with the parents until mid-20s
-
Investing in funds doesn't come cheap
Many people are unaware of the effect of different expenses on their returns
-
Firm turns televised events into marketing dream
Drops anchor in Dubai to sell world's richest yachting races
