Pakistan stocks close lower; rupee strengthens

KARACHI: Pakistan's stock market closed lower on Friday, dragged down by sectarian and ethnic violence in commercial capital Karachi, traders said.

After a seven-week bull run, the Karachi Stock Exchange's (KSE) benchmark 100-share index ended 0.16 percent, or 28.73 points, lower at 17,964.18 points.

Falling share prices for OGDC and MCB pushed the index below 18,000 points, said Samar Iqbal, of Topline Securities.

Engro Corporation closed at its upper cap after unconfirmed news that they would get gas at a lower rate than anticipated, said a dealer.

Engro rose 4.99 percent to 128.27 rupees, while Pakistan Telecommunication Corporation was down 5 percent to 20.71 rupees.

In the currency market, the rupee ended at 97.70/97.75 against the dollar, stronger than Thursday's close of 97.95/98.00.

Overnight rates in the money market fell to 9 percent form Thursday's close of 9.40 percent. (Reuters)