Updated on
Summary The KSE benchmark 100-share index ended 0.14 percent, or 16.63 points, lower at 11,746.09.
The Pakistani stock market ended lower on Wednesday as investors sold fertiliser shares. But losses were restricted as bargain hunters accumulated shares of heavyweight Oil and Gas Development Co Ltd (OGDCL), dealers said.Volume fell to 63.86 million shares compared with 84.40 million shares traded on Tuesday.“Reduction in the urea price by Engro fertilizer and uncertainty on gas allocation to fertilizer plants kept fertilizer stocks under pressure. OGDCL rose 1.23 percent to end at 147.50 rupees.In the currency market, the rupee weakened to 86.12/18 to the dollar from 86.00/06 on Tuesday, amid high dollar demand from importers. Dealers said healthy remittances from Pakistanis living abroad had been supporting the rupee in previous trading sessions, but cautioned that a widening current account deficit means the local currency could experience downward pressure in the days ahead. Pakistans current account deficit surged to a provisional $908 million in September, compared with a deficit of $201 million in the previous month.The deficit for the July-September quarter was a provisional $1.209 billion, compared with $597 million in the same period last year, according to data from the State Bank of Pakistan.
