Pakistan stocks end lower, rupee weakens

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Pakistan stocks end lower, rupee weakens

KARACHI: Pakistan’s stock exchange closed lower on Tuesday, with the benchmark 100-share index of the Karachi Stock Exchange falling 0.05 per cent or 11.46 points at 23,160.89.

Engro Corporation Ltd, which had been rallying for the last few sessions, witnessed some profit taking and closed 3 per cent lower while Pakistan Telecommunication Co Ltd closed at its upper cap after announcing better-than-expected results.

Institutional buying in the National Bank of Pakistan also helped it to close at its 5 per cent upper limit, dealers said.

Engro Corporation Ltd fell 2.94 percent to 176.05 rupees while National Bank of Pakistan was up 5 per cent to 55.03 rupees.

In the currency market, the rupee ended weaker at 100.29/100.34 against the dollar, compared with Monday’s close of 100.24/100.30.

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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