Stocks Observer. com

KARACHI: The Karachi stock market closed lower on Tuesday as investors continued to offload their holdings. The market remained bearish despite positive developments such as confirmation by Federal Board of Revenue (FBR) and finance authorities that no new taxes will be imposed on the share business in the upcoming budget and positive developments on Swat operation, which failed to inspire investors. The Karachi Stock Exchange (KSE) 100-share index decreased by 85.23 points or 1.18 percent to close at 7,125.11 points as compared to 7,210.34 points in the previous session. The KSE 30-share index shed 104.41 points and closed at 7,671.92 points compared with 7,776.33 points. The KMI 30 index declined by 71.16 points to close at 10,420.77 points as against 10,491.93 points. Analysts said that the turnover was poor in the market as investors seemed uninspired to take active part in trading activities. The market turnover went down by 26.06 percent and traded 83.51 million shares as compare