Stocks close lower, rupee steady | Pakistan Today

Stocks close lower, rupee steady

Stocks closed lower on Monday in the Karachi Stock Exchange, with rising pressure on Engro Corporation dampening 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 130.58 rupees while Pakistan State Oil Company Ltd rose 5 percent to 198.04 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.

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