KARACHI: Pakistan stocks ended lower on Wednesday after reports said any changes in capital gains tax regulations could be delayed until the national budget, which is expected to be announced in May, dealers said.
"According to reports, any SRO (Statutory Regulation Order) or presidential order is unlikely to be issued in regards to amendments in CGT," said Shuja Rizvi, a dealer at Al-Hoqqani Securities Ltd.
Pakistan's Finance Ministry and Federal Board of Revenue were unavailable for comment.
The Karachi Stock Exchange (KSE) benchmark 100-share index ended down 0.62 percent, or 86.16 points, at 13,816.96 points.
Volume rose to 511.29 million shares, compared with 166.98 million shares traded on Tuesday.
In the currency market, the rupee ended almost flat at 90.68/72 to the dollar, compared with Tuesday's close of 90.68/73.
The rupee has been supported recently by remittances from Pakistanis overseas, which rose 21.45 percent to $9.73 billion in the first nine months of the 2011/12 fiscal year, compared with $8.02 billion in the same period last year.
In March, remittances totaled $1.14 billion.
Dealers also said they were awaiting the monetary policy announcement due on Friday, in which the key policy rate is expected to be kept unchanged at 12 percent.
Overnight rates in the money market were flat at 11.90 percent, unchanged from the previous day's close. AGENCIES