Pakistan stocks end lower as investors book profits

Karachi: Pakistani stocks ended lower on Tuesday as cautious investors booked profits on fears of a hike in the key policy rate when the monetary policy is unveiled next week, dealers said.

The monetary policy for the subsequent two months is due to be announced on September 29. The central bank raised its key policy rate by 50 basis points to 13 per cent in July.

The Karachi Stock Exchange's benchmark 100-share index ended 0.71 per cent, or 71.08 points, lower at 9.992.50. Turnover rose to 88.44 million shares, compared with 65.05 million shares traded on Monday.

"Expected rise in interest rates in upcoming monetary policy triggered selling in the market," said Furqan Punjani, an analyst at Topline Securities Ltd.