Friday, November 12, 2010

Pakistani stocks, o/n rates end lower; rupee weakens

Nov 12 (Reuters) - Pakistani stocks ended lower on Friday following a suicide car bomb attack the previous day in the country\'s commercial hub, dealers said.

At least 15 people were killed and 100 injured in a suspected Taliban suicide car bomb attack on Thursday at a security compound in Karachi where militants were held. [ID:nLDE6AA21L]

The Karachi Stock Exchange\'s benchmark 100-share index .KSE ended 0.29 percent, or 31.22 points, lower at 10,874.02.

Volume fell to 97.52 million shares, compared with 125.22 million traded on Thursday.

\"The blast weighed on the market. However, the prospect of a potential approval of a leveraged product got some local institutions to step in to support the market towards the end,\" said Asad Iqbal, chief investment officer at Faysal Asset Management Ltd.

The approval of margin buying is expected this month.

In the currency market, the rupee PKR= ended weaker at 85.63/70 to the dollar, compared with Thursday\'s close of 85.37/42 due to higher imports payments, especially of oil, dealers said.

In the money market, overnight rates fell to end between 11.5 percent and 12 percent, compared with Thursday\'s close of 13 percent despite scheduled outflows of 9.3 billion rupees as dealers said there was increased liquidity in the interbank market.

Dealers said they were waiting for the treasury bill auction which is scheduled for Nov. 15, instead of Nov. 17 due to holidays.

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