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Pakistani stocks close lower, rupee weakens against dollar

March 26, 2013

A stockbroker at the Karachi Stock Exchange.—Reuters Photo

KARACHI: Pakistan’s stock market closed lower on Tuesday, while the rupee weakened against the dollar, dealers said.

Karachi Stock Exchange’s (KSE) benchmark 100-share index ended 0.50 per cent, or 89.76 points, lower at 17,872.15 points.

Oil and Gas Development Company Ltd fell 1.55 per cent to 200.99 rupees and Muslim Commercial Bank Ltd fell 0.67 per cent to 190.47 rupees.

In the currency market, the rupee ended weaker at 98.36/98.39 against the dollar, compared to Monday’s close of 98.25/98.30.

Heavy loan repayment to the International Monetary Fund (IMF) is raising concern and weakening the rupee, dealers said.

Overnight rates in the money market remained flat at 9.40 per cent.