Pakistani stocks end lower; rupee gains; o/n rates fall
KARACHI: Pakistani stocks ended lower on Monday as foreign investors remained cautious as more protests erupted in the country over a video ridiculing the Holy Prophet (PBUH).
The Karachi Stock Exchange (KSE) benchmark 100-share index ended 0.33 per cent, or 50.92 points, lower at 15,398.68, on total volume of 97.9 million shares.
“There is some local pressure due to clashes in Pakistan. So, investors are booking profits,” said Ahsan Mehanti at Arif Habib Corp. In the currency market, the Pakistani rupee ended slightly stronger at 94.52/94.57 to the dollar, compared to Friday’s close of 94.56/94.61.
Overnight rates in the money market ended at 7.60 per cent compared to Friday’s close 8.50 per cent.