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

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

Reuters

KARACHI: Pakistan’s main stock exchange closed lower on Tuesday, following disappointing results from a state-run oil and gas company and market leaders Engro Foods Ltd.

The benchmark 100-share index of the Karachi Stock Exchange fell 0.35 per cent or 79.37 points to 22,621.93.

Aggressive selling in market giants Engro Foods Ltd, Engro Corporation Ltd and Pakistan State Oil Company Ltd dragged the market down and pilled on the pressure, said Mohammad Rizwan, a manager at Topline Securities.

Engro Foods Ltd fell 5 per cent to 119.41 rupees, while state-run Oil and Gas Development Co Ltd was down 3.19 per cent at 237.10 rupees.

The rupee ended weaker at 102.12/102.18 against the dollar, compared to Monday’s close of 102.00/102.05.

Overnight rates in the money market remained flat at 9 per cent.

Sanie Khan

Sanie Khan holds a deep knowledge of the financial markets in Pakistan. Based in Karachi, he has over 20 years of hands-on management experience in financial technologies and managing operations in the financial sector. He was the General Manager at the Pakistan Stock Exchange (PSX) for 17 years. He along-with senior members of Exchange

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