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

Last Updated: Fri, Feb 22, 2013 13:17 hrs

KARACHI, Feb 21 (Reuters) - Pakistan's stock market closed lower on Thursday after a correction in global stock markets.

The Karachi Stock Exchange's (KSE) benchmark 100-share index ended 0.15 percent, or 26.05 points, lower at 17,921.02.

Telecom stocks like Pakistan Telecommunication Corporation, Telecard Ltd and World Call Telecom rose after a court decision approved recently raised international call rates.

Profit taking was seen in cement and oil stocks, said Samar Iqbal at Topline Securities.

Pakistan Telecommunication Corporation rose 4.97 percent to 22.83 rupees and World Call Telecom was up 19.61 percent at 3.72 rupees.

The rupee ended weaker at 98.13/98.18 against the dollar, compared to Wednesday's close of 98.04/98.09.

Overnight rates in the money market rose to 8.50 percent from Wednesday close of 7.25 percent. (Compiled by the Karachi newsroom)

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