Pakistani stocks ease, rupee and o/n rates rise
KARACHI: Pakistani stocks eased towards 16,200 points on Monday, as weakness in Engro Corp and oil shares offset a rise in bank stocks.
Engro fell 4.1 per cent to 91.33 rupees, while JS Bank rose 10.83 per cent, or 0.64 rupees, to 6.55 per share. Azgard Nine rose nearly 7.38 per cent, 0.52 rupees, to 7.57 per share.
The Karachi Stock Exchange (KSE) benchmark 100-share index ended 0.18 per cent, or 29.59 points, lower at 16,213.68.
In the currency market, the Pakistani rupee strengthened to 95.81/95.86 to the dollar on light activity, compared to Thursday’s close of 95.90/96.95. The market was closed on Friday for a national holiday.
Overnight rates in the money market ended at 9.90 per cent compared to Thursday’s close of 9.00 per cent.