KSE benchmark100-share index sheds 125 points

KARACHI: The Karachi Stock Exchange's (KSE) benchmark100-share index ended 0.70 percent, or 125.61 points, lower at 17,894.89.

Stock market closed lower on Tuesday, after investors sold shares in a telecom company that had been steadily rising this week.

Telecard, which has been increasing for last few sessions following a court approval of increased international call rates, witnessed heavy selling, said dealer Topline Securities.

In the currency market, the rupee strengthened, closing at 98.12/98.17 against the dollar, compared to Monday's close of 98.15/98.12.

Pakistan made another loan repayment to the International Monetary Fund of $392 million, the State Bank of Pakistan said.

Overnight rates in the money market rose to 9 percent from Monday close of 8.75 percent. (REUTERS)