Pakistan shares close lower; rupee weakens, o/n rates rise

By: | Published: May 12, 2016 7:17 PM

Pakistan stocks fell on Thursday on foreign investor selling and as some investors booked profit after seven straight sessions of gains, dealers said.

Pakistan stocksPakistan stocks fell on Thursday on foreign investor selling and as some investors booked profit after seven straight sessions of gains, dealers said. (Reuters)

Pakistan stocks fell on Thursday on foreign investor selling and as some investors booked profit after seven straight sessions of gains, dealers said.

The benchmark 100-share index of the Pakistan Stock Exchange closed 0.60 percent lower at 36,048.76.

The index gained 4.9 percent in the seven sessions to Wednesday, mainly on hopes the country’s main stock exchange would soon be included in a key emerging markets index.

Market heavyweights Habib Bank Ltd declined 4.8 percent, MCB Bank Ltd fell 1.7 percent and Lucky Cement Ltd dropped 2.4 percent.

These three stocks jointly contributed more than 140 points to the index’s fall of 217.47 points, dealers said.

The rupee ended at 104.65/104.69 per dollar, compared with Wednesday’s close of 104.63/104.67.

Overnight rates in the money market rose to 6.40 percent from Wednesday’s close of 6.00 percent.

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