Pakistani stocks end lower; rupee weakens

KARACHI: Pakistan’s main stock exchange closed lower on Tuesday, with the benchmark 100-share index of the Karachi Stock Exchange falling 0.34 per cent, or 78.62 points, to 23,302.46.

After the announcement of the date for the release of the monetary policy, the market lost its initial gains, with investors expecting an increase in the policy rate tomorrow. Due to this, renewed buying interest was seen in the banking sector, which will benefit from rising interest rates, dealers said.

National Bank of Pakistan rose 1.12 per cent to 54.11 rupees while Bank of Punjab was up 4.96 per cent at 11.42 rupees.

The rupee ended weaker at 107.47/107.55 against the dollar, compared with Tuesday’s close of 107.38/107.43.

Overnight rates in the money market fall to 9.00 per cent from Monday’s close of 9.40 per cent.