Pakistani stocks end lower; rupee weakens, o/n rates rise

[faisal6309]

Pakistani stocks end lower; rupee weakens, o/n rates rise

(Reuters) - Pakistan's main stock exchange closed lower on Friday, with the benchmark 100-share index of the Karachi Stock Exchange felling 0.96 percent, or 280.41 points to 29,069.93.

Market continued to consolidate above 29,000 points due to holiday in global equity markets, foreign fund managers' participation remained low.

Banking stocks, which have been rallying for last few sessions, oil sector also witnessed some selling pressure.

Oil and Gas Development Co Ltd fell 1.41 percent to 256.50 rupees National Bank of Pakistan was down 5 percent to 58.15 rupees.

The rupee ended at 97.50/97.60 against the dollar compared to Thursday's close of 96.60/96.65.

Overnight rates in the money market rose to 10.00 percent from Thursday's close of 8.50 percent. (Compiled by the Karachi newsroom)

Pakistani stocks end lower; rupee weakens, o/n rates rise| Reuters

 

[farhan_9909]

weakens by almost 1rupee in the past 3days

 

[FunkyGen]

weakens by almost 1rupee in the past 3days

But reasons are legit.....

foreign fund managers' participation remained low.