Pakistan stock market ends lower

Last Updated: Thu, Jul 11, 2013 12:00 hrs

KARACHI, July 11 (Reuters) - Pakistan's stock exchange closed lower on Thursday, with the benchmark 100-share index of the Karachi Stock Exchange falling 1.03 percent or 237.81 points to 22,747.13.

After three consecutive days of buying investors appeared to prefer to offload as the index breached through the 23,000 psychologically important level.

All index heavy weight stocks like Muslim Commercial Bank, Oil and Gas Development Co Ltd and Pakistan State Oil Co Ltd saw profit taking, said Samar Iqbal at Topline Securities.

Pakistan State Oil Co Ltd fell 2.35 percent to 338.65 rupees while Muslim Commercial Bank was down 2.14 percent to 257.12 rupees, he added.

The rupee closed at 100.01/100.06 on Wednesday. Overnight rates in the money market closed at 9 percent on Wednesday. Thursday was a bank holiday (Compiled by the Karachi newsroom)

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