Pakistani stocks end lower, rupee weakens, o/n rates flat
KARACHI: Pakistani stocks closed lower on Friday amid concern over the falling rupee.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index ended 0.25 per cent, or 42.68 points, lower at 16,865.34.
Recent cuts in policy rate were in line with market expectations but failed to overcome investors’ concerns over the falling rupee.
Stocks that ended positively included TRG Pakistan, which rose 12.33 per cent, or 0.62 rupees, to 5.65 per share and Dewan Cement, which was up 5.89 per cent, or 0.29 rupees, to 5.21 per share.
Stocks that fell included Byco Petroleum, down 2.19 per cent to 12.07 per share, and Fauji Cement, which fell 0.62 per cent to 6.40 per share.
In the currency market, the Pakistani rupee weakened, closing at 97.49/97.54 against the dollar, compared to Thursday’s close of 97.36/97.39.
Overnight rates in the money market remained flat at 9.40 per cent.