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Pakistani stocks close lower as 11-day rally ends

May 16, 2013
A stockbroker at the Karachi Stock Exchange.—Reuters/File Photo
A stockbroker at the Karachi Stock Exchange.—Reuters/File Photo

KARACHI: Pakistan's stocks closed lower on profit-taking on Thursday after 11 consecutive rising sessions, as investors decided not to push their luck too far.

The Karachi Stock Exchange's (KSE) benchmark 100-share index ended 0.73 percent, or 150.09 points, lower at 20,416.60.

Muslim Commercial Bank Ltd and Oil and Gas Development Company Ltd saw some correction after rallying for several days.

Muslim Commercial fell 4.68 percent to 275 rupees and Oil and Gas was down 0.22 percent at 211.25 rupees.

In the currency market, the rupee ended weaker at 98.50/98.55 against the dollar, compared to Wednesday's close of 98.45/98.50.

Overnight rates in the money market remained flat at 9.40 percent.