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KSE 100-Index ends lower

KARACHI: Karachi Stock Exchange (KSE) closed lower on Tuesday with the KSE 100-share index closing 0.48 percent or 156.51 points down at 32,729.55.

Investors seemed reserved, hesitating to gain positions prior to the announcement of the monetary policy and the annual budget next month, dealers said.

“Expectations are of a tax-heavy budget and this is probably the last monetary easing policy,” said Ahmed Saed Khan at JS Global Capital.

“Due to lack of news, range bound activity was seen in the market again,” said Mohammad Rizwan at Topline Securities. “After better than expected nine month results of Mughal Steel, investor took positions in the script and it closed 5 percent up.”

Mughal Iron & Steel was up 5 percent to 50.79 rupees, while Engro Fertilizer Ltd was down 0.74 percent to 84.33 rupees.

The rupee ended higher at 101.84/101.89 against the dollar, compared with Monday’s close of 101.90/101.97.

Overnight rates in the money market rose at 6.50 percent from Monday close of to 6.00 percent. -Reuters

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