Karachi stocks land in red zone

KARACHI: Local shares ended lower on Monday as local investors cashed in on mid-cap stocks after the main index crossed a psychological 12,000 points mark, dealers said.

The Karachi Stock Exchange (KSE) benchmark 100-share index closed down 0.65 percent, or 77.20 points, at 11,883.01 points.

Volume fell to 67.06 million shares, compared with 75.6 million traded on Friday.

"Institutions are booking profits ... There is usually selling once the (KSE) index crosses 12,000 points," said Shuja Rizvi, a dealer at Al-Hoqani Securities.

Fertiliser companies Engro Corp and Fauji Bin Qasim shed 0.5 percent at 116.65 rupees and 4.11 percent at 46.20 rupees respectively. Financial services firm Jahangir Sidiqui fell 5.32 percent to close at 5.34 rupees.

The KSE-index made an intra-day high of 12,000.09 points. (Reuters)