Pakistani stocks, o/n rates end lower; rupee weakens

Pakistani stocks ended lower on Thursday as investors sold shares of heavyweight Oil and Gas Development Co Ltd (OGDCL) after it reported lower-than-expected corporate earnings, dealers said.

OGDCL reported a net profit of 41.57 billion rupees ($457.87 million) for the first six months of the 2011/12 fiscal year, which was below market expectations.

Net profit last year for the same period was 31.6 billion rupees.

Turnover fell to 178.04 million shares, compared with 194.11 million shares traded on Wednesday.

“Disappointing results by OGDCL led to decline in share prices of all leading shares,” said Samar Iqbal, a dealer at Topline Securities.

OGDCL closed 2.36 percent lower at 162.30 rupees.

In the currency market, the rupee ended weaker at 90.80/83 to the dollar, compared with Wednesday’s close of 90.75/79 due to an increase in import payments.

Dealers expect pressure on the local unit to continue due to rising international oil prices, which rose to a nine-month high above $124 per barrel on Thursday.

The rupee touched a record low of 91.28 to the dollar in January, pressured by worries about higher payments for oil imports and the country’s overall economic health.

From: Reuters