KARACHI: Pakistan’s stock market closed lower on Tuesday, after investors sold shares in a telecom company that had been steadily rising this week.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index ended 0.70 per cent, or 125.61 points, lower at 17,894.89.
Telecard, which has been increasing for last few sessions following a court approval of increased international call rates, witnessed heavy selling, said dealer Samar Iqbal at Topline Securities.
Telecard Ltd fell 1.38 per cent to 7.85 rupees, while World Telecom was down 4.36 per cent to 3.51 rupees.
In the currency market, the rupee strengthened, closing at 98.12/98.17 against the dollar, compared to Monday’s close of 98.15/98.12.
Pakistan made another loan repayment to the International Monetary Fund of $391.8 million, the central bank said.
Overnight rates in the money market rose to 9 per cent from Monday close of 8.75 percent.