Pakistani stocks end lower; rupee weakens
KARACHI – Pakistani stocks closed lower on Tuesday as investors took profits and consolidated their positions but the overall trend was still upwards, brokers said.
The Karachi Stock Exchange 100-share index ended down 0.79 percent or 268.36 points at 33,575.94.
“The market is in a consolidation phase and we expect minor corrections but our overall outlook is bullish. We see the up trend continuing,” said Azhar Ali Shahzad of BMA Capital Management Ltd.
DG Khan Cement Co Ltd was down 2.44 rupees, while Muslim Commercial Bank was lost 6.29 rupees.
The rupee ended weaker at 101.90/101.95 against the dollar compared with Monday’s close of 101.65/101.75.
Overnight rates in the money market fell to 7.50 percent from Monday’s close of 8.00 percent. – Reuters