Bearish fertilizers add to KSE losses

 (BATKHELA-MOVIES)   KARACHI: Karachi Stock Exchange ended lower on Wednesday as investors sold fertilizer shares, but losses were restricted as bargain hunters accumulated shares of heavyweight Oil and Gas Development Co Ltd (OGDCL), dealers said.

The KSE benchmark 100-share index ended 0.14 percent, or 16.63 points, lower at 11,746.09.

Volume fell to 63.86 million shares compared with 84.40 million shares traded on Tuesday.

"Reduction in the urea price by Engro fertilizer and uncertainty on gas allocation to fertilizer plants kept fertilizer stocks under pressure," said Samar Iqbal, a dealer at Topline Securities.

"However, a 1.79 rupees gain in heavyweight OGDCL saved the index from falling further."

OGDCL rose 1.23 percent to end at 147.50 rupees. (Reuters)