The Karachi Stock Exchange.—Reuters Photo

KARACHI: Pakistani stocks closed lower on Friday, as declining shares of financial service companies and worries over sectarian violence during the holy month of Muharram.

“Cautious investors preferred to book profits amid fear of the law and order situation over the weekend,” said Samar Iqbal, an equity dealer with Topline Securities.

The Karachi Stock Exchange (KSE) benchmark 100-share index ended 0.08 per cent, or 13.41 points, lower at 16,237.59.

Jahangir Sidiqui dropped 0.38 per cent, or 0.06 rupees, to 15.58 per share, while Azgard Nine eased 0.35 per cent, or 0.03 rupees, to 8.65 per share.

On the positive side, Fauji Cement rose 0.43 per cent, or 0.03 rupees, to 7.00 per share, while Maple Leaf Cement rose 1.51 per cent, or 0.23 rupees, to 15.47 per share.

In the currency market, the Pakistani rupee weakened at 96.01/96.07 to the dollar, compared to Thursday’s close of 95.93/95.98

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