Business News

Pakistan rupee, stocks tumble on political instability

Aug 21, 2008, 13:20 GMT

Karachi - Pakistan stocks and the rupee plunged on Thursday as uncertainties over the restoration of judges and the election of a new president continued to cloud the political scene, triggering selling pressure, traders said. The benchmark KSE-100 Index fell by 2.7 per cent or 289 points to close at 10,236 as investors continued dumping blue-chip stocks, including some energy stocks like state-owned Oil and Gas Development Corp(OGDC). 'The procrastination in restoration of judges against the deadline is casting an uncertainty among investors,' said trader Ateeq Ahmed at Capital One Equities. Reportedly a coalition partner in the ruling coalition, led by Pakistan Peoples' Party of slain Benazir Bhutto, had given a deadline of 24 hours to restore judges after the resignation of former president Pervez Musharraf, who stepped down Monday. The rupee also fell by around 1.5 per cent to 76.50 against the US dollar in the open market while in the inter-bank it was down and trading above 76 levels. The rupee hit its all time record low of 77 against the dollar last week ahead of the looming resignation and impeachment of Musharraf. Both Pakistani stocks and the rupee have been battered due to the prolonged political turmoil, with stocks down 40 per cent since January while the rupee has lost 18 per cent in the last four months.

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bubbaAug 21st, 2008 - 21:13:09

instability and muslims go together. muslim killing muslim go together..so whats new?

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