Karachi index ends flat in low turnover

Karachi: Pakistani stocks ended slightly higher Tuesday but in low turnover as investors waited for a monetary policy announcement for the next two months, dealers said.

The Karachi Stock Exchange's KSE benchmark 100-share index ended 0.13 per cent, or 11.74 points, higher at 9,233.70 on turnover of 52.15 million shares.

"The market traded in a narrow range as investors are waiting for the monetary policy announcement," said Mohammad Sohail, chief executive at Topline Securities.

Analysts said the central bank was likely to cut its key policy rate by 50 or 100 basis points to spur growth, which fell in the last fiscal year which ended in June to its slowest pace in eight years.

Dealers said the market had discounted a 50 basis points cut. However, if there was a 100 basis points cut, the market would rally.