KARACHI: Pakistan’s stocks closed lower with across the board selling witnessed at the local bourse in the absence of major institutional support.

Mainly led by Muslim Commercial Bank, the Fauji Fertilizer Company Ltd. and Pakistan State Oil Ltd. index fell by more than 300 points with low volumes.

Pressure in regional markets coupled with concerns of the rollover week kept investors away, dealers said.

The Karachi Stock Exchange’s benchmark 100-share index closed 1.53 percent, or 324.91 points, lower at 20,958.86.

Muslim Commercial Bank fell 3.90 percent to 256 rupees while Pakistan State Oil Co. Ltd. was down 4.29 percent at 264.62 rupees.

The rupee ended weaker at 98.42/98.49 against the dollar, compared to Friday’s close of 98.26/95.32

Overnight rates in the money market fell to 9.40 percent from Friday’s close of 9.50 percent.