KARACHI: Pakistan’s main stock exchange closed lower on Friday, with the benchmark 100-share index of the Karachi Stock Exchange falling 0.96 per cent, or 280.41 points to 29,069.93.

The market continued to consolidate above 29,000 points due to a holiday in global equity markets, and as participation of foreign fund managers remained low.

Banking stocks – which have been rallying for the last few sessions – and the oil sector also witnessed some selling pressure.

Oil and Gas Development Co Ltd (OGDCL) fell 1.41 per cent to 256.50 rupees. National Bank of Pakistan (NBP) was down 5 per cent to 58.15 rupees.

Meanwhile, the rupee ended the day at 97.50/97.60 against the dollar compared to Thursday’s close of 96.60/96.65.

Overnight rates in the money market rose to 10.00 per cent from Thursday’s close of 8.50 per cent.