Local bourse slides 63 points

KARACHI: Stock prices closed down at Karachi Stock Exchange (KSE) on Tuesday, taking a cue from world markets, but losses were contained as interest in the fertiliser sector remained strong on hopes of strong corporate results, dealers said.

Companies are due to announce results for the quarter ended Sept. 30 in the coming days.

The KSE benchmark 100-share index ended 0.53 percent, or 63.36 points, lower at 11,912.19.

Volume was 81.15 million shares compared with 79.41 million shares traded on Monday.

"Market remained under pressure due to declining global markets and an expected outflow of $60 million due to the sale of shares by a foreign company," said Mohammed Sohail, chief executive at a brokerage house.

World stocks stumbled from the previous day's 1-1/2 month high on Tuesday and government bonds rose as slower-than-expected Chinese growth and a warning on France's triple-A sovereign credit rating prompted investors to cut risks.

Fatima Fertiliser , the volume leader, rose 2.43percent to end at 24.47 rupees, while Fauji Fertiliser ended 2.17 percent higher at 198.05 rupees. (Reuters)