Pakistan stocks close lower, rupee weakens

KARACHI: Pakistan’s stock market closed lower, while the rupee PKR= weakened against the dollar, dealers said.
Karachi Stock Exchange’s (KSE) benchmark 100-share index ended 0.50 percent, or 89.76 points, lower at 17,872.15 points.
Oil and Gas Development Company Ltd. fell 1.55 percent to 200.99 rupees and Muslim Commercial Bank Ltd. fell 0.67 percent to 190.47 rupees.
In the currency market, the rupee ended weaker at 98.36/98.39 against the dollar, compared to Monday’s close of 98.25/98.30. Heavy loan repayment to the International Monetary Fund (IMF) is raising concern and weakening the rupee, dealers said.
Overnight rates in the money market remained flat at 9.40 percent.