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Pakistani stocks end lower, rupee weakens, o/n rate fall

August 29, 2013
A stockbroker at the Karachi Stock Exchange.—Reuters/File Photo.
A stockbroker at the Karachi Stock Exchange.—Reuters/File Photo.

KARACHI: Pakistan's main stock exchange closed lower on Thursday, with the benchmark 100-share index of the Karachi Stock Exchange falling 0.10 per cent or 21.60 points to 22,214.73.

Due to Pakistan State Oil Co Ltd's lower-than-expected dividend and speculation that the cement cartel may breakdown, the market remained range-bound.

Although global equity markets breathed a sigh of relief because of an ease-off in Syrian tension, local investor sentiments remained weak, dealers said.

DG Khan Cement Co Ltd fell 4.11 per cent to 77.65 rupees while Pakistan State Oil Co Ltd was down 3.53 per cent to 300.89 rupees.

The rupee ended weaker at 104.35/104.40 against the dollar, compared to Wednesday's close of 103.86/103.93.

Overnight rates in the money market fell to 6.50 per cent from Wednesday's close of 7.75 per cent.