The Karachi Stock Exchange (KSE) closed lower on Friday with the benchmark 100-share index of the Karachi Stock Exchange falling 1.41 per cent, or 383.03 points to 26,765.49.
Market plunged by 384 points amid heavy institutional selling in index heavy weight Oil and Gas Development Co Ltd(OGDCL), Pakisan Petroleum Ltd (PPL).
While investors also trimmed their positions in other sectors like banking, cements and textile, said dealer Samar Iqbal at Topline Securities.
Pakistan Petroleum Ltd fell 2.82 per cent to 223.75 rupees while Nishat Mills Ltd was down 1.63 per cent to 122.75 rupees. The rupee ended higher at 97.85/97.90 against the dollar compared to Thursday’s close of 98.08/98.15.
Overnight rates in the money market fell to 8.25 per cent from Thursday’s close of 9.50 per cent.