Pakistani stocks lower, rupee weakens, o/n rise

Pakistani stocks lower, rupee weakens, o/n rise

KARACHI: The benchmark 100-share index of Pakistan’s Karachi Stock Exchange closed 0.05 per cent lower on Friday. The index fell 9.65 points to 21,005.69.

Activity was slow on the last trading day of the 2013 fiscal year. Index heavy weight Muslim Commercial Bank and Oil and Gas Development Co Ltd again fell, forcing the benchmark index to close in negative territory.

Muslim Commercial Bank Ltd fell 2.35 per cent to 242.75 rupees, while Oil and Gas Development Co Ltd was down 0.42 per cent to 228 rupees.

The rupee ended weaker at 99.40/99.50 against the dollar, compared to Thursday’s close of 98.89/98.95.

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