Pakistani stocks plummet 430 points

KARACHI: Pakistan’s main stock exchange closed lower on Monday, with the benchmark 100-share index of the Karachi Stock Exchange falling 1.97 per cent, or 436.17 points, to 21,724.68.

Selling in index heavy weights Oil and Gas Development Co Ltd, Muslim Commercial Bank Ltd and Pakistan State Oil Co Ltd affected the overall market, dealers said.

While regional markets improved, local equity prices remained under pressure due to selling by selected investors.

Consumer price index for the month of August also rose to 8.55 per cent.

Oil and Gas Development Co Ltd fell 1.63 per cent to 247.99 rupees while Pakistan State Oil Co Ltd was down 3.89 per cent to 285.25 rupees.

The rupee ended weaker at 104.75/104.80 against the dollar, compared to Friday’s close of 104.44/104.52.

Overnight rates in the money market fell to 8.75 per cent from Friday’s close of 9 per cent.