August 22, 2016 / 11:51 AM / a year ago

Pakistan shares close lower; rupee weaker, o/n rates rise

KARACHI, Aug 22 (Reuters) - Pakistan shares closed lower on Monday as investors took a cautious stance after outflow of foreign portfolio investment in the last session, dealers said.

The benchmark 100-share index of the Pakistan Stock Exchange closed down 0.10 percent at 39,457.95.

“Investors remained on the sidelines on outflow of foreign funds to the tune of $7.5 million in the last session,” said Fawad Khan, head of research at KASB Securities Pvt Ltd.

Cement stocks like D G Khan Cement Company Ltd, Maple Leaf Cement Factory Ltd and Lucky Cement Ltd fell during the day but recovered to close up 0.12 percent, 1.72 percent and 0.29 percent respectively.

The rupee ended weaker at 104.79/104.83 against the dollar, compared with Friday’s close of 104.67/104.71.

Overnight rate in the money market rose to 6.20 percent from Friday’s close of 6.10 percent.

$1 = 104.6500 Pakistani rupees Reporting by Syed Raza Hassan; Editing by Sunil Nair

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