KARACHI: Stock prices witnessed a drop as Karachi Stock Exchange (KSE) closed lower on Monday, with the benchmark 100-share index of the Karachi Stock Exchange falling 1.01 percent, or 291.50 points, to 28,629.63.
Institutional selling in United Bank Ltd, Pakistan Petroleum Ltd and Pakistan State Oil Co Ltd, pushed the market down.
As the corporate result season came to an end, investors preferred to book profits as there are few triggers left going forward.
Auto stocks also went down after the news that the government may reduce import duty on cars, said dealer Samar Iqbal at Topline Securities.
United Bank Ltd fell 4.76 percent to 175 rupees and Pakistan Petroleum Ltd was down 2.28 percent to 221.50 rupees.
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