Stocks Observer. com

KARACHI: The Karachi stock market closed lower on Tuesday as the cut in discount rate of 100 basis points by the central bank, as anticipated by the investors, was insufficient to reduce the borrowing cost at the market. The Karachi Stock Exchange (KSE) 100-share index shed 68.34 points or 0.86 percent to close at 7,834.14 points as compared to 7,902.48 points of the previous session. The KSE 30-share index lost 101.85 points and closed at 8,600.31 points as compared with 8,702.16 points. The KMI 30 index also decreased by 37.43 points to close 10,024.58 points as against 10,987.15 points. Analysts also said that investors preferred to go for profit-taking following less than expected result announcement by Pakistan Oil Fields. The 100-share index, despite opening on a positive note by gaining 97.78 points, failed to sustain its buoyant mood and closed in the negative zone. The turnover increased by 26.67 percent to 320.33 million shares as compared with previous session’s 252.88 milli