KSE ends lower, sheds 113 points

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KSE ends lower, sheds 113 points

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KSE benchmark 100-share index ended down 0.82 percent, or 113.83 points, at 13831.47 points.

05 April,2012 08:36 pm

It pushed the market to a four-year high on Wednesday.Stocks closed lower on Thursday, weighed down by banking shares hit by rumours of arise in the tax covering their sector.One of the biggest casualties was the National Bank of Pakistan (NBP), whose shares fell 5 percent to 46.93 rupees.There was talk today that the banking sectors tax rate maybe increased from 35 percent to 40 percent, so banking stocks, especially NBP, were hit, said an analyst at the JS Global financial services company.Trading volume rose to 457.9 million shares, compared with 409.3 million shares traded on Wednesday.The rupee ended slightly weaker at 90.54/64 to the dollar, compared with Wednesdays close of 90.30/35.Overnight rates in the money market stayed flat at 9.10 percent, after falling to that level on Wednesday from Tuesdays close of 9.75 percent because of sustained liquidity.