KARACHI: Pakistani stocks ended lower on Tuesday as local investors booked profits at higher levels ahead of the monetary policy announcement next week after the market ended on a 28-month high the previous day, dealers said.
The Karachi Stock Exchange’s benchmark 100-share index ended 0.31 percent, or 34.75 points, lower at 11,171.09.
Turnover rose to 154.97 million shares, compared with 113.32 million shares traded on Monday.
“After a huge run up yesterday the market took a breather and local institutions were sellers and the KSE-index is likely to stay under some pressure ahead of the monetary policy announcement,” said an investment analyst.
The monetary policy is due to be announced on Nov. 29 for the next two months and dealers said investors cautiously await an expected 50 basis point hike in the key policy rate.
In the currency market, the rupee ended firmer at 85.43/48 to the dollar, compared with Monday’s close of 84.55/60 following a decrease in international oil prices.
Global oil fell towards $81 on Tuesday as the dollar gained following an exchange of artillery fire on the Korean peninsula.
In the money market, overnight rates fell to 11 percent, compared with Monday’s close of between 12.50 percent and 13 percent, amid increased liquidity in the interbank market.
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