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Pakistani stocks end lower; rupee weakens

Karachi: Pakistan's main stock exchange closed lower on Monday with the benchmark 100-share index of the Karachi Stock Exchange falling 1.23 per cent, or 332.29 points, to 26,670.60.

Follow-through impact of the global sell-off was felt at the local bourse, resulting in the benchmark index declining.

Major selling was seen in index heavy-weights like Oil and Gas Development Co Ltd, Muslim Commercial Bank Ltd, Engro Corporation Ltd, dealer Asad Siddiqui at Topline said.

Oil and Gas Development Co Ltd fell 2.16 percent to 273.50 rupees while Engro Corporation Ltd was down3.32 per cent to 173.60 rupees.

The rupee ended weaker 105.50/105.56 against the dollar compared to Friday's close of 105.45/105.50.

Overnight rates in the money market remained flat at 10.00 per cent.

Source: Reuters

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