KSE sheds 100 points

TheKSE benchmark 100-share index ended 0.71 percent, or 104.01 points, lower at 14,513.96 points, with a volume of 176.8 million, compared to Mondays close of 14,617.97.Stocks closed lower on Tuesday led by selling in the oil and gas sector prompted by lower international oil prices, analysts said.The market saw a downward trend over today, especially selling in the oil and gas sector, said an analyst.Lower international oil prices also played a part in investors attitude towards heavyweight oil and gas stocks.Pakistan Petroleum Limited closed 1.24 percent lower at 192.49 Pakistani rupees, the Oil and Gas Development Corporation ended 0.9 percent at 166.9 rupees, and Pakistan Oilfields Limited closed 1.7 percent lower at 384.5 rupees.Oil and gas stocks are heavyweights on the KSE with a 32.9percent class weightage.In the currency market, the rupee ended slightly weaker at 90.82/88 to the dollar, compared to Mondays close of 90.74/79.The rupee has been supported by remittances, which rose 21.45 percent to $9.73 billion in the first nine months of the 2011/12 fiscal year, compared with $8.02 billion in the same period last year.