Karachi: Pakistan's stocks dropped the most this year on speculation the central bank will refrain from cutting interest rates at its policy meeting later this month as energy prices prevent inflation from slowing.
MCB Bank Ltd., the largest lender by market value, dropped 1.6 per cent to Rs227.50.
Pakistan Telecommunication Co., the nation's biggest phone-service provider, declined 1.2 per cent to Rs19.77.
Lafarge Pakistan Cem-ent Co. fell 0.5 per cent to Rs2.15.
The benchmark Karachi Stock Exchange 100 Index lost 49.67, or 0.5 per cent, to 9,904.74, the steepest decline since December 31.
The measure is valued at 8.6 times estimated earnings for this year, the lowest in Asia, according to Bloomberg data.
The gauge gained 5.5 per cent this year.
