Pakistan stocks close lower, rupee weakens, o/n rates flat

Last Updated: Mon, Mar 25, 2013 12:00 hrs

KARACHI, March 25 (Reuters) - Pakistan's stock market closed lower on Monday mainly due to profit taking, dealers said.

Karachi Stock Exchange's (KSE) benchmark 100-share index ended 0.01 percent, or 1.20 points, lower at 17,961.91 points.

In early trade the market crossed the key 18,000-point level, with the appointment of caretaker prime minister raising hopes of political stability, at least in the short term, ahead of May 11 general elections.

"However, later on due to low volumes some profit taking was seen. With activity remaining confined towards mid cap stocks," said Samar Iqbal of Topline Securities.

Engro Corporation Ltd rose 1.14 percent to 130.79 rupees and Nishat Mills Ltd fell 1.15 percent to 83.48 rupees.

In the currency market, the rupee ended weaker at 98.25/98.30 against the dollar, compared to Friday's close of 98.17/98.22.

Overnight rates in the money market remained flat at 9.40 percent. (Compiled by the Karachi newsroom)

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