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Pakistani stocks close lower due to Karachi violence

Pakistan, Business News – Pakistan’s stock market closed lower on Wednesday following days of violence in Pakistan’s financial hub of Karachi.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index ended 0.20 percent, or 35.52 points, lower at 18,000.45 points.

Areas of Karachi, a southern port city of 18 million people, reported shooting and protests following Sunday’s sectarian bombing in a Shia-dominated neighbourhood.

The country’s top court has expressed doubt that the government can handle the violence and ordered the removal of the provincial police chief. Fauji Cement fell 0.96 percent to 8.22 rupees, while the Maple Leaf Cement was up 3.56 percent to 17.76 rupees.

In the currency market, the rupee ended at 98.10/98.12 against the dollar, stronger than Tuesday’s close of 98.13/98.18. Overnight rates in the money market rose to 9.40 percent from Tuesday’s close of 9 percent. Reuters

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