KARACHI, Dec 3 (Reuters) - Pakistani stocks closed lower on
Monday, as traders booked profits after the benchmark index hit
record highs in each of the previous four sessions.
The Karachi Stock Exchange's (KSE) benchmark
100-share index ended 0.22 percent, or 35.88 points, lower at
16,537.98 on total volume of 195,57 million shares. The market
surged to a record of 16,651.10 on Friday.
Sui Northern Gas fell 0.46 percent, or 0.11
rupees, to 24.05 per share, while National Bank
dropped 1.32 percent, or 0.66 rupees, to 49.20 per share.
Bank Al Falah rose 0.72 percent, or 0.12 rupees,
to 16.86 per share.
The market's decline was limited by a smaller-than-expected
rise in inflation, which traders believe will give the central
bank the necessary freedom to ease interest rates later this
Pakistan's consumer price index rose 6.93 percent in
November from a year earlier, the Pakistan Bureau of Statistics
said. On a month-on-month basis, inflation declined by 0.39
percent from October.
In the currency market, the Pakistani rupee eased to
96.57/96.62 against the dollar, compared to Friday's close of
96.49/96.54, on weak demand for the local currency.
Overnight rates in the money market ended at 7.00 percent
compared to Friday's close of 9.50 percent.
(Compiled by the Karachi newsroom)