Pakistani stocks close lower, rupee weakens
KARACHI: Pakistan’s stock market closed lower on Thursday with investors cashing in shares after the market hit an all time high the previous day before.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index ended 0.14 percent, or 25.20 points, lower at 17,383.32.
There was a higher volumes of trading of shares in the Pakistan Telecommunication Corporation, with some investors booking profits after it rallied in the last few sessions. Small telecom-related shares like Telecard Ltd and World Call Telecom remained popular.
Telecard Ltd rose 2.85 percent to 4.69 rupees.
Pakistan Telecommunication Corporation fell 4.48 percent to 19.40 rupees.
In the currency market, the rupee ended weaker at 97.85/97.92 against the dollar, compared to Wednesday’s close of 97.82/97.87.
Overnight rates in the money market remained flat at nine percent.