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Pakistan shares close lower; rupee steady, o/n rates rise

Pakistan shares close lower; rupee steady, o/n rates risePakistan shares close lower; rupee steady, o/n rates rise

KARACHI Aug 19 Pakistan shares closed lower on
Friday, as cement and fertilizer stocks fell on reports the
government had cut the price of urea and on market talk that it
had abolished customs duty on cement imports, dealers said.

The benchmark 100-share index of the Pakistan Stock Exchange closed down 0.68 percent, or 272.12 points, at 39,499.08.

“The cement and fertilizer sector led the market to fall on
Friday amid rumors of abolishing duty from imported cement and
government decision to reduce urea prices by over a quarter to
combat glut,” said Fawad Khan, head of research at KASB
Securities Pvt Ltd. (bit.ly/2b92ibG)

Fauji Fertilizer Company Ltd fell 1.05 percent,
Engro Fertilizer Ltd declined 1.45 percent, D G Khan
Cement Company Ltd dropped 2.55 percent and Lucky
Cement Ltd lost 1.14 percent.

The rupee ended steady at 104.67/104.71 against the
dollar, compared with Thursday’s close of 104.68/104.72.

Overnight rates in the money market rose to 6.10 percent
from Thursday’s close of 5.70 percent.

($1 = 104.6500 Pakistani rupees) (Reporting by Syed Raza Hassan; Editing by Biju Dwarakanath)

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