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

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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.

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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