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Pakistan shares close lower; rupee stronger, o/n rates flat
May 24, 2016 / 11:31 AM / a year ago

Pakistan shares close lower; rupee stronger, o/n rates flat

KARACHI, May 24 (Reuters) - Pakistan stocks closed lower on Tuesday on profit-taking as investors cashed in after the index rose for six straight sessions, dealers said.

The benchmark 100-share index of the Pakistan Stock Exchange closed 0.38 percent lower, or 141 points, at 36,582.35.

“Profit-taking was seen in the market as investors concentrated on future position rollover,” said Hammad Aman, manager, equity sales at Topline Securities Pvt Ltd.

MCB Bank Ltd declined 2.01 percent, while Habib Bank Ltd lost 0.79 percent, as the rate cut announced by the central bank over the weekend continued to dampen sentiment.

Oil stocks such as Oil & Gas Development Co Ltd fell on lower global oil prices.

The rupee ended at 104.77/104.82 against the dollar, compared with Monday’s close of 104.81/104.86

Overnight rates in the money market were flat at 5.90 percent.

$1 = 104.6500 Pakistani rupees Reporting by Syed Raza Hassan; Editing by Biju Dwarakanath

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