Updated :
Friday May 11 , 2012 6:12:18 PM
Stocks dropped for a second consecutive day on Friday with investors concerned about the possibility of the U.S. Congress imposing more conditions on American assistance and trade with Pakistan, analysts said.
The Karachi Stock Exchange benchmark 100-share index ended 1.32 percent, or 189.7 points, lower at 14,230.49 points, with a volume of 195.7 million, compared to Thursday's close of 14,420.19 points.
"The news of possible strict conditions on American aid to Pakistan kept the mood at the market negative," said Atif Zafar, a research analyst at the JS Global financial services company.
The U.S. House Appropriations Subcommittee for State and Foreign Operations on Thursday approved a bill that would attach additional conditions to any civilian or military aid to Pakistan by demanding it help more in combating militant groups and disrupting networks providing material for homemade bombs being used against NATO forces in Afghanistan.
Pakistan joined the U.S.-led war on militancy, launched after al Qaeda's attacks on the United States on Sept. 11, 2001, and has received billions of dollars in aid in return, described by some analysts as critical to Pakistan's struggling economy.
The unstable, nuclear-armed South Asian nation has, however, often been described as an unreliable ally. That impression was reinforced after the secret U.S. special forces raid that killed Osama bin Laden in Pakistan in May last year.
Many in the United States have said it is unlikely bin Laden received no help from somewhere in the Pakistan intelligence establishment, although there is no proof of high level involvement.
Pakistan suspended important overland supply routes to NATO forces in Afghanistan after a friendly fire incident involving NATO aircraft killed 24 Pakistani soldiers in November.
In the currency market, the Pakistani rupee ended almost flat at 90.86/90 to the dollar, compared to Thursday's close of 90.85/89.
The rupee has been supported by remittances, which rose 20.2 percent to $10.88 billion in the first 10 months of the 2011/12 fiscal year, compared with $9.05 billion in the same period last year.
In April, remittances totaled $1.14 billion.
Overnight rates in the money market ended at 11.90 percent, the same level as Thursday.
Stocks dropped for a second consecutive day on Friday with investors concerned about the possibility of the U.S. Congress imposing more conditions on American assistance and trade with Pakistan, analysts said.
The Karachi Stock Exchange benchmark 100-share index ended 1.32 percent, or 189.7 points, lower at 14,230.49 points, with a volume of 195.7 million, compared to Thursday's close of 14,420.19 points.
"The news of possible strict conditions on American aid to Pakistan kept the mood at the market negative," said Atif Zafar, a research analyst at the JS Global financial services company.
The U.S. House Appropriations Subcommittee for State and Foreign Operations on Thursday approved a bill that would attach additional conditions to any civilian or military aid to Pakistan by demanding it help more in combating militant groups and disrupting networks providing material for homemade bombs being used against NATO forces in Afghanistan.
Pakistan joined the U.S.-led war on militancy, launched after al Qaeda's attacks on the United States on Sept. 11, 2001, and has received billions of dollars in aid in return, described by some analysts as critical to Pakistan's struggling economy.
The unstable, nuclear-armed South Asian nation has, however, often been described as an unreliable ally. That impression was reinforced after the secret U.S. special forces raid that killed Osama bin Laden in Pakistan in May last year.
Many in the United States have said it is unlikely bin Laden received no help from somewhere in the Pakistan intelligence establishment, although there is no proof of high level involvement.
Pakistan suspended important overland supply routes to NATO forces in Afghanistan after a friendly fire incident involving NATO aircraft killed 24 Pakistani soldiers in November.
In the currency market, the Pakistani rupee ended almost flat at 90.86/90 to the dollar, compared to Thursday's close of 90.85/89.
The rupee has been supported by remittances, which rose 20.2 percent to $10.88 billion in the first 10 months of the 2011/12 fiscal year, compared with $9.05 billion in the same period last year.
In April, remittances totaled $1.14 billion.
Overnight rates in the money market ended at 11.90 percent, the same level as Thursday.
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