Karachi: Pakistani stocks ended lower Monday in dull trade due to concerns over rising inflation following an increase in local oil prices, dealers said.
Oil and Gas Regulatory Authority increased petrol prices by 8.9 per cent to Rs72.96 (Dh3.11) per litre, effective from Monday, to link them with increasing international oil prices.
The Karachi Stock Exchange's benchmark 100-share index ended 0.57 per cent, or 60.13 points, lower at 10,538.27. Volume was 80.54 million shares compared with 104 million shares traded last Friday. "The rise in petrol prices is bound to translate into higher inflation as well," said Asad Iqbal, chief investment officer at Faysal Asset Management Ltd.
The consumer price index rose 15.71 per cent in September from a year ago to a 17-month high.
