KARACHI: Pakistan’s main stock exchange closed lower, with the benchmark 100-share index of the Karachi Stock Exchange falling 2.33 percent or 551.48 points to 23,088.49.

Rollover week for future contracts and confusion over brokers’ net capital affected market sentiment.

Market heavy-weights Muslim Commercial Bank and Oil and Gas Development Company contributed around 200 points to the market fall.

On the other hand, Telecard remained the volume leader amid expectations of profit growth, dealers said.

National Bank of Pakistan fell 2.78 percent to 54.50 rupees while Pakistan State Oil Co. Ltd. was down 1.62 percent to 288 rupees.

The rupee ended weaker at 106.10/106.20 against the dollar, compared to Monday’s close of 105.80/105.85.

Overnight rates in the money market fell to 7.00 percent from Monday’s close of 8.50 percent.