High inflation weighs on share prices

Karachi: Pakistan stocks ended lower because of higher than expected inflation figures which were released towards the end of the trading session, dealers said.

The Karachi Stock Exchange benchmark 100-share index ended 0.54 per cent, or 53.10 points, lower at 9,733.36 on turnover of 106.65 million shares.

In the currency market, the rupee ended weaker at 84.95/85.00 to the dollar compared with Tuesday's close of 84.86/95 but dealers said the rupee might firm marginally in the short-term if remittance data showed an increase.

Pakistan's short-term money rates ended higher yesterday as dealers said the market was eyeing a regular treasury bill auction result due to be announced later in the day where cut-off yields were expected to rise.

Overnight call rates ended at 12.40 per cent.