KSE-100 sheds over 200 points

KARACHI: Pakistan's main stock exchange closed lower on Thursday, with the benchmark 100-share index of the Karachi Stock Exchange falling 0.85 per cent or 202.54 points to 23,573.68. The index lost 0.85 per cent amid profit taking in the oil, banking and fertiliser sectors while telecom and cement stocks remained supportive. Fauji Cement Co Ltd and Maple Leaf Cement Factory Ltd hit their upper circuit breaker amid expectations of better June earnings, dealers said. The National Bank of Pakistan fell 4.35 percent to 57.40 rupee and Engro Corporation Ltd was down 4.38 per cent at 168.10 rupees. The rupee ended weaker at 100.95/101.05 against the dollar, compared to Wednesday's close of 100.66/100.71. Overnight rates on the money market fell to 6.50 per cent from Wednesday's close of 7 per cent.