News Column

KSE stocks end lower; rupee weakens

May 12, 2014

Karachi stock exchange closed lower on Monday, with the benchmark 100-share index of the Karachi Stock Exchange falling 0.53 percent, or 150.66 points, to 28,343.88.

The market opened the week on a jittery note as participants took their cue from the International Monetary Fund, whose recently concluded review urged the government to keep a check on rising inflation.

Market consensus expectation changed from a 50bps cut likely to be announced in the upcoming monetary policy, said Ovais Ahsan, a dealer at JS Global Capital Ltd.

Bank of Punjab rose fell 3.12 percent to 9.92 rupees and Engro Fertilizer Ltd was down 4.31 percent to 60.65 rupees.

The rupee ended weaker 98.70/98.75 against the dollar compared to Friday's close of 98.50/98.55.

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Source: Daily Messenger (Pakistan)

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