Pakistani stocks fall 175 points, rupee weakens

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KARACHI: Pakistan’s main stock exchange closed lower on Monday, with the benchmark 100-share index of the Karachi Stock Exchange falling 0.81 per cent or 175.61 points to 21,599.78. Trading activity at the local bourse remained lackluster with Eid holidays just around the corner. Investors preferred to stay on the sidelines, though some interest was witnessed in specific banking and fertilizer stocks on the basis of year-end results, dealers said.

Engro Corporation Ltd fell 4.83 per cent to 132.00 rupees while National Bank of Pakistan was down 0.94 per cent to 48.45 rupees.

The rupee ended weaker 106.18/106.23 against the dollar, compared to Friday’s close of 106.11/106.16.

Overnight rates in the money market fell to 9.25 per cent from Monday’s close of 9.50 per cent.