Pakistani stocks close lower, rupee weakens
KARACHI: Pakistan’s stock market closed lower on Thursday after a correction in global stock markets.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index ended 0.15 per cent, or 26.05 points, lower at 17,921.02.
Telecom stocks like Pakistan Telecommunication Corporation, Telecard Ltd and World Call Telecom rose after a court decision approved recently raised international call rates. Profit taking was seen in cement and oil stocks, said Samar Iqbal at Topline Securities.
Pakistan Telecommunication Corporation rose 4.97 per cent to 22.83 rupees and World Call Telecom was up 19.61 per cent at 3.72 rupees.
The rupee ended weaker at 98.13/98.18 against the dollar, compared to Wednesday’s close of 98.04/98.09.
Overnight rates in the money market rose to 8.50 per cent from Wednesday close of 7.25 percent.