Pakistan stocks close lower; rupee weakens

KARACHI: 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 a dealer.

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. (Reuters)