KARACHI, Sept 17 (Reuters) - Pakistan's main stock exchange
closed lower on Tuesday as investors anticipated more interest
rate hikes from the central bank.
The benchmark 100-share index of the Karachi Stock Exchange
fell 0.76 percent or 176.18 points to 23,066.50.
Investors cashed in shares and relatively low volumes of
stock were traded.
The fall followed Friday's decision by the central bank to
raise interest rates from 9.0 percent to 9.5 percent, in line
with monetary reforms demanded by the International Monetary
Fund in return for a bailout package.
The rise in interest rates may signal a slowdown for
investors after a period of rapid growth. The Karachi Stock
Exchange was among the world's top performing stock markets last
year, offering returns of 50 percent.
Engro Corporation Ltd fell 1.68 percent to 143
rupees while Maple Leaf Cement Factory Ltd was down
3.35 percent to 25.40 rupees.
The rupee ended steady at 104.94/104.99 against the
dollar, compared to Monday's close of 104.94/104.99.
Overnight rates in the money market fell 7.75 percent from
Monday's close of 8.00 percent.
(Compiled by the Karachi newsroom)