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

Last Updated: Mon, Mar 18, 2013 20:01 hrs

KARACHI, March 18 (Reuters) - Pakistan's stock market closed lower on Monday, mainly dragged down by banking stocks, dealers said.

Karachi Stock Exchange's (KSE) benchmark 100-share index ended 0.98 percent, or 172.83 points, lower at 17,492.00 points.

Bank Alfalah Ltd and United Bank Ltd closed at its lower limit while Muslim Commercial Bank declined 4.5 percent.

United Bank Ltd fell 4.65 percent to 85.30 rupees, while Muslim Commercial Bank Ltd was down 4.47 percent to 183 rupees.

In the currency market, the rupee ended weaker at 98.10/98.16 against the dollar, compared to Friday's close of 98.03/98.09

Overnight rates in the money market rose to 9.25 percent from Friday's close of 9 percent. (Compiled by the Karachi newsroom)

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