Pakistan stocks end lower on profit-taking; rupee firm
KARACHI – Pakistani stocks closed lower on Tuesday with the Karachi Stock Exchange 100-share index dipping 0.43 percent, or 138.58 points, to end at 32,109.87 on profit-taking in the cement sector and falls in the volatile oil and gas sector.
The market was expected to remain volatile on profit-taking and some political uncertainties, said analyst Arhum Ghous at JS Global Capital.
Investors sold cement stocks on fear of falling prices after D.G. Khan Cement Co Ltd concluded an agreement with K-Electric for 40 megawatts of power, said Azhar Ali Shahzad of BMA Capital Management Limited.
DG Khan fell 3.63 percent to 122.55 rupees, while Maple Leaf Cement Factory Ltd was down 4.79 percent to 60.58 rupees.
The rupee ended higher at 101.67/101.72 against the dollar, compared with Monday’s close of 101.80/101.85
Overnight rates in the money market rose to 7.50 percent from Monday’s close of 7.00 percent. – Reuters