KARACHI: Pakistani stocks ended lower on Friday, due mainly to continued selling by foreign investors, volatile oil prices and further depreciation of the Pakistani rupee in the wake of the devaluation of the Chinese Yuan.

The benchmark 100-share index of the Karachi Stock Exchangeclosed down 0.35 percent, or 119.65 points, at 33,672.72.

“Factors like selling by foreign investors, depreciation of the rupee, and volatility in oil prices were compounded by sector-specific concerns and expectations of selling by local CPPI funds, which continued to deter fresh buying in the market,” said Faizan Ahmed, an analyst at JS Global Capital.

Concerns over the announcement of the monetary policy by the central bank on Saturday also kept fresh buyers at bay as investors continued to adopt a ‘wait and watch’ approach with bearish investors liquidating their positions.

The rupee was weaker at 104.35/104.42 against the dollar, compared with Thursday’s close of 104.23/104.28.

Overnight rates at the money market remained flat at 7.00 percent.