Selling at KSE takes away 304 points

KARACHI: The prices of local equities closed lower at Karachi Stock Exchange (KSE) on Wednesday amid concerns over political stability and weaker interest in energy stocks, dealers said.

The Karachi Stock Exchange's (KSE) benchmark100-share index ended 1.82 percent, or 304.88 points, lower at 16,489.99.

Despite a rally in regional markets and oil prices, heavyweight energy companies Oil & Gas Development Corporation, Byco Petroleum and Pakistan Petroleum Ltd. all fell in value, said dealer Samar Iqbal at Topline Securities Byco Petroleum fell 7.09 percent to 13.10 per share. Financial services firm Jahangir Siddiqui was down 5.01 percent to 14.80 per share.

In the currency market, the Pakistani rupee ended weaker at 97.34/97.39 against the dollar, compared to Monday's close of 97.18/97.23.

Overnight rates in the money market ended at 6.50 percent compared to Monday's close of 8 percent.

On Tuesday the currency market and money markets were closed due to a bank holiday. (Reuters)