Pakistani stocks end lower; rupee strengthens; o/n rates fall
KARACHI: Pakistani stocks closed lower on Thursday as investors engaged in a pre-weekend sell-off after the market traded at an all time-high.
The Karachi Stock Exchange (KSE) benchmark 100-share index ended 0.93 per cent, or 146.94 points, lower at 15,698.36 on total volume of 112.15 million shares.
“The market flirted with its all-time highs. Then, there was selling from institutional investors, which brought along selling from retailers,” said Suleman Maniya at Al-Meezan Investments.
In the currency market, the Pakistani rupee ended slightly stronger at 95.48/95.68 compared to Thursday’s close of 95.50/95.70 to the dollar.
Overnight rates in the money market closed at 7.00 per cent compared to Thursday’s 9.90 per cent.