Pakistan stocks close lower, rupee steady

KARACHI: Pakistan's stock market closed 90 points lower on Tuesday, after investors sold stocks of market heavyweights.

The Karachi Stock Exchange's (KSE) benchmark 100-share index ended 0.54 percent, or 97.16 points, lower at 18,035.97 points.

Although there are more than 600 companies listed on the KSE, only about a tenth of them see regular trading, and around a dozen or so dominate the market.

The heavyweights include the Oil and Gas Development Company Ltd and Muslim Commercial Bank, both of which saw profit-taking from investors.

The Oil and Gas Development Company Ltd fell 1.31 percent to 203.50 rupees, while the Muslim Commercial Bank was down 3.57 percent to 217 rupees.

In the currency market, the rupee was steady at 98.13/98.18 against the dollar, compared to Monday's close of 98.13/98.18.

Overnight rates in the money market fell to 9 percent from Monday's close of 9.25 percent. (Reuters)