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Business & Economy

Pakistan stocks close lower, rupee weakens

KARACHI: Pakistan’s stock market closed lower after a correction in global stock markets.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index ended 0.15 percent, or 26.05 points, lower at 17,921.02.
Telecom stocks like Pakistan Telecommunication Corporation, Telecard Ltd. and World Call Telecom rose after a court decision approved recently raised international call rates.
Profit taking was seen in cement and oil stocks, said Samar Iqbal at Topline Securities.
Pakistan Telecommunication Corporation rose 4.97 percent to 22.83 rupees and World Call Telecom was up 19.61 percent at 3.72 rupees.
The rupee ended weaker at 98.13/98.18 against the dollar, compared to Wednesday’s close of 98.04/98.09.
Overnight rates in the money market rose to 8.50 percent from Wednesday close of 7.25 percent.

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