Stocks take a dip, as KSE sheds 179 points

KARACHI: Stocks ended lower at Karachi Stock Exchange (KSE) on Tuesday, as the benchmark KSE 100-share index registered a decline of 179 points to close at 23,798.

Investors shed their holdings in the wake of depreciating Pak rupee and massive foreign selling on Monday.

Telecom sector drew investors’ interest following the hiring of Value Partner Management Consulting by the government for the upcoming auction of 3G license. Pakistan Telecommunication emerged as today’s volume leader.

PTCL dropped 0.76 percent to close at Rs29.85 while Engro Corporation Ltd slipped 2.66 percent to finish at Rs142.35.