KSE down as traders offload E&P stocks

KARACHI: Local stocks ended slightly lower on Thursday because of selling in the energy sector, but investors bought mid-tier shares on hopes of healthy corporate profits, dealers said, containing losses.

The Karachi Stock Exchange (KSE) benchmark 100-share index closed 0.06 percent, or 8.48 points, lower at 13,929.47.

Volume was 182.59 million shares, compared with 261.5 million shares traded on Wednesday.

"Selling in E&P (Exploration and Production) stocks led the market to fall marginally," said a dealer.

Pakistan Oilfield shares ended 0.65 percent lower at 377.20 Pakistani rupees, while Oil and Gas Development Company stocks fell 0.76 percent to end at 165.02 rupees. (Reuters)