Profit-booking dents Pakistani stocks; rupee loses vs USD

KARACHI: Pakistan's stock market closed lower on Monday after companies booked profits, traders said.

The Karachi Stock Exchange's (KSE) benchmark 100-share index ended 0.30 percent, or 53.77 points, lower at 18,020.50.

"Profit taking was seen from selected counters above the key 18,000 points level," said a dealer.

Engro Corporation rose 5.0 percent to 113.83 rupees as news that the company had reached an agreement for gas supplies from the state-run Oil and Gas Development firm lifted the share price, dealers said.

D.G.Khan Cement fell 1.12 percent to 62.00 rupees and

In the currency market, the rupee ended weaker at 98.15/98.20 against the dollar, compared to Friday's close of 98.06/98.12.

Overnight rates in the money market fell to 8.75 percent
from Thursday close of 9 percent.