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Pakistan stocks end lower

Pakistan stocks end lower

KARACHI: Pakistan’s main stock exchange closed lower as the benchmark 100-share index of the Karachi Stock Exchange fell 0.06 percent or 14.59 points to 23,673.30 amid rumors that central bank may increase the interest rate later this month. And there was some profit taking also, dealers said.
Oil and Gas Development Co. fell 1.26 percent to 260.12 rupees while Engro Foods Ltd. was down 0.28 percent at 121.45 rupees.
The rupee ended weaker at 102.77/102.82 against the dollar, compared to Thursday’s close of 102.65/102.70.
Overnight rates in the money market rose to 8.75 percent from Thursday’s close of 6.50 percent.