KARACHI: Pakistani stocks closed lower on Monday as investors booked profits after the announcement of the monetary policy. The Karachi Stock Exchange (KSE) benchmark 100-share index ended 0.65 per cent, or 102.38 points, lower at 15,652.01 on total volume of 118.93 million shares.
“The market witnessed profit taking after lower than expected cut in the benchmark policy rate,” said Samar Iqbal at Topline Securities.
“A drop in international equity markets and decline in commodity prices also forced investors to trim their portfolios, especially in oil exploration companies and the textile sector.” The central bank announced its monetary policy decision Friday with a 0.5 per cent interest rate cut to 10.00 per cent. In the currency market, the Pakistani rupee ended steady at 95.46/95.52 to the dollar.
Overnight rates in the money market ended lower at 9.50 per cent compared to Friday's 10.50 per cent.