Pakistan stocks end lower; rupee weakens
KARACHI – Pakistani stocks closed lower on Tuesday, with the Karachi Stock Exchange 100-share index closing down 0.81 percent or 268.87 points at 33,035.77.
“Investors focus remained converting future positions to next futures contracts,” said Mohammad Rizwan at Topline Securities. “Investors also remained concerned about the news that the National Accountability Bureau had recommended to the Federal Board of Revenue to collect data about sources of investment.”
The market witnessed profit-taking on Tuesday, resulting in it closing down. “Engro Foods Lts announced March quarter results, beating analyst expectations,” said Khurram Shahzad, an analyst at Arif Habib Securities.
Engro Foods Ltd was up 5 percent to 150.61 rupees, while Engro Corporation Ltd was down 1.14 percent to 287.50 rupees.
The rupee ended weakens at 101.57/101.62 against the dollar, compared with Monday’s close of 101.49/101.54.
Overnight rates in the money market fell to 6.00 percent from Monday’s close of 7.50 percent. – Reuters