Pakistan stocks close lower; rupee steady

KARACHI: Pakistani stocks closed tad lower on Monday, as pressure in Engro Corporation dampened sentiments across the board.

Engro Corporation closed at its lower limit amid speculation that one of its plants was not working properly.

On the contrary, there was renewed buying interest in Pakistan State Oil, which helped the stock close at its upper cap, dealers said.

The Karachi Stock Exchange's (KSE) benchmark 100-share index ended 0.14 percent, or 25.66 points, lower at 18,605.55 points.

Engro Corporation Ltd fell 5 percent to Rs130.58 while Pakistan State Oil Company Ltd rose 5 percent to Rs198.04 rupees.

In the currency market, the rupee ended steady at 98.32/98.37 against the dollar. Overnight rates in the money market rose to 9.50 percent from Friday's close of 9.40 percent.