ISLAMABAD: Pakistan stocks fell on Thursday with investors concerned about continued pressure on the rupee, which closed on a record low against the U.S. dollar, and falling global markets, dealers said.
The Karachi Stock Exchange (KSE) benchmark 100-share index dropped 0.61 percent, or 85.13 points, to close at 13,786.62 points on volume of 92.2 million shares, compared to Wednesday's close of 13,871.75.
"Falling global markets and (the) weak local currency kept investors on the sidelines. As a result of this, (the) market remained in a narrow band with low volumes," said Samar Iqbal, a dealer at Topline Securities.
The rupee continued its slide against the dollar, posting a fourth consecutive record low in as many days. The currency closed at 93.57/63, compared to 93.44/52 on Wednesday.
The currency has faced sustained pressure in the last two weeks because of increased import payments, especially for oil.
Overnight rates in the interbank market closed at 11.90 percent, the same level as Wednesday. AGENCIES