KSE 100 index fell 0.41 pc | Pakistan Today

KSE 100 index fell 0.41 pc

Pakistani stocks ended lower on Thursday as investors booked gains in fertiliser and oil shares but losses were restricted as bargain hunters accumulated mid-tier stocks, according to a private TV channel.
The Karachi Stock Exchange (KSE) benchmark 100-share index fell 0.41 per cent or 50.01 points, to 12,213.24 points.
The index closed at 12,284.62 points on Tuesday, its highest close since July 26, 2011.
Volume fell to 139.14 million shares, compared with 243.29 million traded on Wednesday.
“Profit taking in oil and fertiliser stocks pushed the index 50 points down,” said Samar Iqbal, a dealer at Topline Securities Ltd.
Fertiliser shares such as Fatima Fertiliser ended 0.81 per cent lower at 22.16 rupees, Engro Corp shed 2.84 per cent to close at 121.80 rupees and Pakistan State Oil closed 4.06 per cent lower at 252.69 rupees.
In the currency market, the rupee ended weaker at 90.70/75 to the dollar, compared with Wednesday’s close of 90.62/67 because of increased import payments following a rise in international oil prices.
Global oil prices held near six-month highs above $117 on Thursday amid worries of further supply disruptions due to tension in the Middle East.
Dealers said they were also cautious after the International Monetary Fund advised Pakistan to take immediate steps to tackle growing budget pressures and raise interest rates to contain inflation.
The IMF on Monday projected a widening of Pakistan’s fiscal deficit in the 2011/12 fiscal year to 7 per cent of gross domestic product, compared with the government’s revised budget target of 4.7 per cent.
The rupee touched a record low of 91.28 to the dollar on Jan. 9, pressured by worries about higher payments for oil imports and the country’s overall economic health, especially a weakening current account.
The current account recorded a provisional deficit of $2.154 billion in the first six months of the 2011/12 fiscal year, compared with a surplus of $8 million in the same period last year, according to data from the State Bank of Pakistan.
The deficit is likely to widen further in coming months because of debt repayments and a lack of external aid.
In the money market, overnight rates ended at their top level of 11.90 per cent, unchanged from Wednesday’s close because of scheduled net outflows of 25 billion rupees.



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