Pakistan stocks close lower, rupee weakens, o/n fall

Last Updated: Tue, Jun 18, 2013 12:31 hrs

KARACHI, June 18 (Reuters) - Pakistan's stocks closed lower on Tuesday, below the recent high of 22,000 points, after foreign fund managers sold stocks for two consecutive days.

The Karachi Stock Exchange's benchmark 100-share index closed 1.34 percent, or 296.84 points, lower at 21,919.62.

Pakistan Petroleum Ltd fell 1.28 percent at 214.15 rupees, while market heavyweight Muslim Commercial Bank Ltd was down 3.98 percent at 291 rupees.

Profit taking was also seen in other oil stocks, although selective buying was witnessed in cement stocks after the price of cement bags increased, said dealer Samar Iqbal at Topline Securities.

The rupee ended weaker at 98.63/98.69 against the dollar, compared to Monday's close of 98.53/98.58.

Overnight rates in the money market fell to 9 percent from Monday's close of 9.40 percent. (Compiled by the Karachi newsroom)

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