ISLAMABAD: Pakistan's main stock market closed down on Friday on investor concerns over a Supreme Court decision on a contempt law, coupled with downward trends in regional markets, dealers said.
The Karachi Stock Exchange benchmark 100-share index lost 54.24 points, or 0.37 percent, to close at 14,676.43 on volume of 35.98 million shares.
"Uncertainty regarding the outcome of the Supreme Court hearing kept investors away from the market," said Samar Iqbal, a dealer at Topline Securities.
"A few investors preferred to book some gains as regional markets came under pressure."
The Supreme Court is due to rule on Friday over whether a recently promulgated law protecting senior officials, including the prime minister, from being charged with contempt of court violates the constitution.
Former prime minister Yusuf Raza Gilani was disqualified by the Supreme Court in June after he was found guilty of contempt for failing to re-open old corruption cases against President Asif Ali Zardari.
In the currency market, the rupee weakened slightly to close at 94.50/56 to the dollar, compared with 94.46/46 on Thursday.
Overnight rates in the money market closed higher at 11.90 percent, compared with 9 percent on Thursday, due to decreased liquidity. AGENCIES