Pakistan's main stock exchange closed lower on Wednesday, with the benchmark 100-share index of the Karachi Stock Exchange felling 1.63 percent, or 474.65 points to 28,717.19.

Ignoring opening of 3G/4G spectrum auction and institutional investors' profit taking in index heavyweights pushed benchmark index down by 1.6 percent. Lower than expected corporate results also forced investors to trim their holdings, said dealer Samar Iqbal at Topline Securities. Engro Corporation Ltd fell 3.88 percent to 199.75 rupees and Pakistan State Oil Co Ltd was down 5 percent to 399.76 rupees. The rupee ended at 97.80/97.85 against the dollar compared to Tuesday's close of 98.05/98.09. Overnight rates in the money market remained flat at 9.50 percent.