Pakistan stocks flat despite global fall

September 30th, 2008 - 7:44 pm ICT by IANS  

Karachi, Sep 30 (DPA) Pakistan’s main Karachi bourse Tuesday remained unscathed despite Wall Street reverberations across Asia, thanks to restrictions imposed on the market for the last two months due to the unstable domestic political and economic conditions.The benchmark KSE-100 Index Tuesday was flat on historically low volume, with trading in just 175,000 shares.

Stock market officials last week imposed fresh curbs, including banning short-selling in all shares, amid prolonged economic woes and Moody’s downgrading of the country’s credit rating.

The stock market has already lost around 50 percent of its value since January while the Pakistani rupee depreciated by around 21 percent against the US dollar.

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