Karachi: Pakistani stocks ended lower yesterday in dull trade on fears of a rise in the cut-off yields in the treasury bill auction and also a hike in the key policy rate when the monetary policy is announced.
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 percent in July.
The Karachi Stock Exchange's benchmark 100-share index ended 0.46 per cent, or 46.08 points, lower at 9,946.42.
Turnover fell to 50.86 million shares, compared with 88.44 million shares traded on Tuesday.
"There are expectations that the cut-off yields may rise in the three and six month paper, which could further raise expectations that the central bank may hike the policy rate," said Shuja Rizvi, head of sales at Crosby Markets Ltd.
