KARACHI, Aug 5 (Reuters) - Pakistan’s main stock exchange closed lower on Monday, amid rumours that the state bank may increase the interest rate later this month.
The benchmark 100-share index of the Karachi Stock Exchange fell 1.69 percent or 390.56 points to 22,701.30.
Selling was triggered in the market today after Engro Foods Ltd fell 5 percent to 125.69 rupees. Pakistan State Oil Co Ltd was down 3.81 percent at 349.80 rupees.
The rupee ended almost steady at 102.00/102.05 against the dollar, compared to Friday’s close of 101.98/102.03.
Overnight rates in the money market rose to 9 percent from Friday’s close of 8.25 percent. (Compiled by the Karachi newsroom)