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Pakistani stocks end lower; rupee strengthens; o/n rates fall

Source : REUTERS
Last Updated: Fri, Oct 12, 2012 12:50 hrs

KARACHI, Oct 12 (Reuters) - Pakistani stocks closed lower on Thursday as investors engaged in a pre-weekend sell-off after the market traded at an all time-high.

The Karachi Stock Exchange (KSE) benchmark 100-share index ended 0.93 percent, or 146.94 points, lower at 15,698.36 on total volume of 112.15 million shares.

"The market flirted with its all-time highs. Then, there was selling from institutional investors, which brought along selling from retailers," said Suleman Maniya at Al-Meezan Investments.

In the currency market, the Pakistani rupee ended slightly stronger at 95.48/95.68 compared to Thursday's close of 95.50/95.70 to the dollar.

Overnight rates in the money market closed at 7.00 percent compared to Thursday's 9.90 percent. (Reporting by Aisha Chowdhry)

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