Pakistan stocks end lower, rupee weakens, o/n rate rise

KARACHI: Pakistan’s main stock exchange closed lower on Monday, with the benchmark 100-share index of the Karachi Stock Exchange falling 0.77 per cent or 181.92 points to 23,315.15.

Profit taking in cement and banking stocks caused the index to fall by 0.77 per cent.

Media reports that the International Monetary Fund may insist that the government of Pakistan increase interest rates also affected investor sentiments, dealers said.

DG Khan Cement Company Ltd fell 3.77 per cent to 91.09 rupees and Bank of Punjab was down 3.85 per cent at 13.24 rupees.

The rupee ended weaker at 101.78/101.86 against the dollar, compared to Friday’s close of 101.30/101.35.

Overnight rates in the money market rose to 8.75 per cent from Friday’s close of 8 per cent.