ISLAMABAD Aug 24 Pakistani stocks ended lower
on Friday as investors braced for the possibility of fresh
political instability, traders said.
The Karachi Stock Exchange (KSE) benchmark 100-share index
ended 0.27 percent, or 41.37 points, lower at 15,039.18, on
volume of 15.79 million shares.
Prime Minister Raja Pervez Ashraf is due to appear before
the Supreme Court on Aug. 27 over his failure to comply with
orders to reopen corruption cases against President Asif Ali
The move, another twist in a long-running standoff between
the government and the judiciary, could lead to further
Two months ago, Ashraf's predecessor, Yusuf Raza Gilani, was
found guilty of contempt over the same issue and disqualified
from holding the post of prime minister.
"Investors are being cautious ahead of the Supreme Court
hearing next week," said Mohammad Sohail, chief executive at
Engro Corp was the biggest winner, gaining 3.01
percent to close at 96.50 rupees.
In the currency market, the Pakistani rupee ended
slightly weaker at 94.87/94.93 to the dollar, compared to
Thursday's close of 94.68/72.
Overnight rates in the money market ended at 9.00 percent
compared with 10.40 on Thursday.
(Reporting by Aisha Chowdhry)