Stock market sheds another 95 points

KARACHI - landed at the Karachi stock market to its lowest level in three months on Thursday, with the decline in global equity and local investors cautious and concerned about security in Karachi and sold shares.
Ended the Karachi Stock Exchange 100 shares index rose 0.80 percent or 95.56 points lower, at 11,846.16, its lowest close since May 4. Volume increased to 48.6 million shares, compared with 46.11 million shares on Tuesday. "Security concerns are at the top of the list for investors at this stage," said Ashraf Zakaria, a dealer in Rajabali Ali Hussain & Co. According to officials, and killed more than 300 people in Karachi in July alone - one of the deadliest in nearly 20 years - and at least 40 people this week.
Traders said the decline in global stocks also left foreign investors wary. In the currency market, the rupee recovered further from the center of a lack of payments for imports, but dealers expect the local unit to remain
under pressure at the moment. Rupee closed at 86.52/60 against the dollar, stronger than Wednesday's close of 86.52/60. And reached a record low of 86.83 on Monday.
Traders said the dollar payments are usually higher in the months of July and August due to stronger demand for oil and debt payments.
As well as payments for oil, and the International Monetary Fund (IMF) suspended aid program to Pakistan is also considering the rupee down.