Falling foreign outlays, gas concerns weigh on KSE

KARACHI: Local stocks closed slightly lower on Wednesday due to concerns over plummeting foreign investment and gas shortages that could affect industry, traders said.

The Karachi Stock Exchange (KSE) benchmark 100-share index ended 0.13 percent, or 19.68 points, lower at 15,654.62 on total volume of 91.251 million shares.

"Stocks closer lower today amid concerns over falling foreign direct investment in the country," said a dealer.

"Investors were worried."

Foreign direct investment in Pakistan in the first quarter of the year had fallen by 67 percent compared to the same period last year, he said, citing data from the state bank.

Investors were also concerned about potential gas shortages that might affect the industrial sector, he said. Pakistan's industry has already been badly hit by daily power cuts. (Reuters)