Share prices shed gains at KSE

KARACHI: Share prices at Karachi Stock Exchange (KSE) closed lower on Monday as investors booked profits at higher levels after the market gained two percent the previous week, dealers said.

Investors were also awaiting the fiscal year 2011/12 (July-June) budget announcement due on Friday. Dealers said investors are expecting the removal of a capital gains tax.

The Karachi Stock Exchange's benchmark 100-share index ended 0.24 percent, or 29.93 points, lower at 12,195.59 on turnover of 120.6 million shares.

"After a two percent rise last week, the KSE-100 index oscillated between 40 points and the focus remained on low capped stocks," a stock dealer at KSE said.

Dewan Salman , volume leader, ended 42.02 percent higher at 3.38 rupees, while Dewan Cement rose 59.88 percent to end at 2.59 rupees. (Reuters)