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Pakistani stocks end lower; rupee weakens

September 27, 2012

A stockbroker on the floor of the Karachi Stock Exchange.—Reuters Photo

KARACHI: The Pakistani stock market ended lower on Thursday, in line with market heavyweight Oil and Gas Development Company Limited, traders said.

The Karachi Stock Exchange (KSE) benchmark 100-share index ended 0.27 per cent, or 41.83 points, lower at 15,357.59, on total volume of 86.62 million shares.

The Oil and Gas Development Company Limited lost 0.74 per cent to close at 176.00 rupees.

“With low volumes, activity remained confined in mid cap stocks particularly in cement sector. Although the index closed in negative primarily on account of decline in index heavyweight OGDC, cherry picking was seen in cement stocks amid improved dispatches for the month,” said Samar Iqbal at Topline Securities.

In the currency market, the Pakistani rupee ended weaker at 94.80/94.85 to the dollar compared to Wednesday’s close of 94.72/94.77.

Overnight rates in the money market ended flat at 10.40 per cent.