| GEO Business|
Stocks close flat on weekend at KSE
| Updated at: 1854 PST, Friday, August 20, 2010|
KARACHI: The stock prices at local equities market ended almost flat on Friday in low volume ahead of the weekend as investors remained cautious on the economic costs following the devastation caused by the floods.
The Karachi Stock Exchange (KSE) benchmark 100-share index ended 0.13 percent, or 12.74 points, higher at 9,860.35on turnover of 43.3 million shares.
The equity market remained stagnant with low volumes ahead of the weekend.
However timely aid for reconstruction and rehabilitation and relaxation of International Monetary Fund's (IMF) conditionalities could potentially be catalysts for the market.
The floods, triggered by torrential monsoon rains, have killed up to 1,600 people, and have disrupted the lives of about 20 million people, nearly 12 percent of the population. The damage caused by the floods and the cost of recovery could bring long-term economic pain to Pakistan.
Authorities are assessing the damage but the finance ministry said it was hard to give an exact number. It said last week the floods meant the country would miss this year's 4.5percent gross domestic product (GDP) growth target.
Growth was 4.1 percent in the last fiscal year.
With higher transport costs and food shortages, inflation, and the public anger it could spark, is a major worry.