Stocks end lower; rupee strengthens

KARACHI: Pakistani stocks ended slightly lower on Thursday, with the benchmark 100-share index of the Karachi Stock Exchange falling 0.06 per cent, or 16.92 points, to 29,766.38. “The market closed slightly lower after a range-bound session and United Bank Ltd witnessed some profit taking after the government sold its 19.8 per cent stake at a discount to the market price,” said dealer Samar Iqbal at Topline Securities. Renewed interest was also seen in the textile sector in anticipation of a favourable textile policy, Iqbal added. United Bank Ltd fell 2.6 per cent to 169.70 rupees while Nishat Mills Ltd was up 1.06 per cent at 116.75 rupees. The rupee ended higher at 98.37/98.42 against the dollar compared with Wednesday's close of 98.50/98.55. Overnight rates in the money market rose to 9.25 per cent from Wednesday's close of 9.00 per cent