Apr 09

Pakistan stocks end marginally lower; rupee weakens; o/n rates flat

KARACHI: Pakistan stocks ended marginally lower on Monday, led by selling of market heavyweight Oil and Gas Development Company (OGDCL), but losses were capped by buying in second-tier shares.karachi stock exchange

The Karachi Stock Exchange (KSE) benchmark 100-share index ended down 0.08 percent, or 10.85 points, at 13,864.68 points.

Volume fell to 348.24 million shares, compared with 433.02 million shares traded on Friday.

“Profit taking continued at the local bourse as OGDCL fell 1.7 percent, which contributed a fall of 42 points on the KSE-index,” said Samar Iqbal, a dealer at financial services company Topline Securities.

OGDCL ended at 165.75 Pakistani rupees.

In the currency market, the rupee ended weaker at 90.67/69 to the dollar, compared with Friday’s close of 90.56/60 because of increased import payments.

Overnight rates in the money market stayed flat at 9.10 percent, unchanged from last Thursday’s close because of increased liquidity in the interbank market. AGENCIES