PAKISTAN STOCKS END STEADY; RUPEE WEAKER

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Karachi (HRNW): Stocks in Pakistan were nearly unchanged in thin trade on Monday as the ongoing political crisis in the Panama Papers leak hurt investor sentiment, dealers said.The benchmark 100-share index of the Pakistan Stock Exchange closed up 2.88 points at 36,125.37, little changed from Friday’s close.

“Due to the ongoing political crisis and scheduled address by Prime Minister in parliament on Monday evening to defend his position in Panama Leaks, uncertainty prevailed and market was choppy,” said Muhammad Rizwan, head of sales at Topline Securities Ltd.

Pakistan Oil Ltd, Pakistan Petroleum Ltd and Oil Gas Development Co Ltd contributed 40 points to the index as global crude oil prices gained.

The stocks gained between 0.7 and 1.4 percent.

The rupee ended at 104.69/104.74. against the dollar, compared with Friday’s close of 104.63/104.66.

Overnight rates in the money market were flat at 6.20 percent from its Friday close.

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