Pakistan stocks close lower, rupee strengthens, o/n rates fall
KARACHI: Pakistan’s stock market closed lower on Friday, dragged down by sectarian and ethnic violence in commercial capital Karachi, traders said.
After a seven-week bull run, the Karachi Stock Exchange’s (KSE) benchmark 100-share index ended 0.16 per cent, or 28.73 points, lower at 17,964.18 points.
Falling share prices for OGDC and MCB pushed the index below 18,000 points, said Samar Iqbal, of Topline Securities.
Engro Corporation closed at its upper cap after unconfirmed news that they would get gas at a lower rate than anticipated said dealer Samar Iqbal at Topline Securities. Engro rose 4.99 per cent to 128.27 rupees, while Pakistan Telecommunication Corporation was down five per cent to 20.71 rupees.
In the currency market, the rupee ended at 97.70/97.75 against the dollar, stronger than Thursday’s close of 97.95/98.00. Overnight rates in the money market fell to nine per cent from Thursday’s close of 9.40 per cent.