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KSE end lower; rupee strengthens

KSE end lower; rupee strengthens

KARACHI: Pakistan’s main stock exchange closed lower on Wednesday, with the benchmark 100 share index of the Karachi Stock Exchange felling 0.58 percent, or 143.09 points, to 24,445.38.

Some profit taking was seen at the bourse as a result of which the benchmark index closed at the level of 24,445, down 143 points.

Despite slightly negative news flow, positivity was seen in the telecom sector as 3G consultant (Value Partner Management Company Limited) is expected to formally sign the deal with the PTA in coming few days, said a dealer.

The Pakistan Telecommunication Co Ltd rose 2.75 percent to 30.68 rupees while Engro Corporation Ltd was down 1.68 percent at 153.60 rupees. The rupee ended at 108.50/108.56 against the dollar, compared to Tuesday’s close of 108.57/108.63. Overnight rates in the money market remained flat at 10.00 percent.