Gas cos, cementmakers weigh down on Karachi stocks

KARACHI: Local stocks eased lower on Tuesday, pressured by a drop in shares of cement and gas companies, dealers said.

The Karachi Stock Exchange's (KSE) benchmark 100-index closed at 16,701.69 points, down 0.51 percent or 85.85 points from the previous session. The market hit a record high of 16,903.46 on Friday.

Trading has been subdued ahead of the central bank's decision on interest rates on Friday. Analysts expect the State Bank of Pakistan to further cut its discount rate.

Fauji Cement fell 2.28 percent, or 0.15 rupee, to 6.43 per share, while Sui Northern Gas dropped 3.51 percent, or 0.85 rupees, to 23.40 per share.

Stocks that rose included Maple Leaf Cement, up 0.65 percent to 14.00 per share, and Engro Foods, which gained 1.33 percent to 93.80 per share. (Reuters)