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
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)