Pakistan's main stock market closed down on Tuesday after the country's top court declared Prime Minister Yousuf Raza Gilani ineligible for office. The Karachi Stock Exchange benchmark 100 share index fell 0.52 percent, or 71.14 points, to close at 13,682.99points on volume of 60.75 million shares, compared to 13,754.13 on June 18.
The court ruling was announced about 45 minutes before the market closed. In April, the Supreme Court found Gilani guilty of contempt of court for refusing to reopen corruption cases against the president. Fawad Chaudhry, a senior aide to Gilani, said only parliament could dismiss the prime minister. The Pakistani rupee firmed to close at 93.88/94 against the dollar, compared to 93.97/94.04 on Monday. Overnight rates in the money market remained unchanged at 11.90 percent.
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