The country’s main stock index closed more than 1 percent lower on Friday, dragged downwards by sharp losses in two heavyweights, the Oil and Gas Development Co Ltd and the Pakistan State Oil Co Ltd.
The Karachi Stock Exchange’s benchmark 100-share index closed 1.44 percent, or 316.69 points, lower at 21,698.35. Oil and Gas Development Co Ltd fell 1.49 percent to 235 rupees, while Pakistan State Oil was down 2.41 percent to 319.60 rupees.
The rupee ended weaker at 98.88/98.93 against the dollar, compared to Thursday’s close of 98.80/98.85.
Overnight rates in the money market rose to 9.40 percent from Thursday’s close of 8 percent.