Pakistani stocks end lower; rupee firms
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KARACHI, Sept 10 (Reuters) - Pakistani stocks ended nearly one percent lower on Thursday after gaining almost 3 percent the previous day as investors sold shares to book profits at higher levels, dealers said.
The Karachi Stock Exchange's (KSE) benchmark 100-share index closed or 88.79, or 0.98 percent, lower at 8,996.19 on turnover of 232.4 million shares. The KSE-index made its highest close this year on Wednesday ar 9,084.38 points.
The index has gained 53.4 percent this year after losing 58.3 percent in 2008.
"After a huge increase yesterday, we saw some profit taking today, especially from the local institutions," said Mohammed Sohail, chief executive at Topline Securities.
The KSE-index has been rallying for the previous few sessions as dealers said foreign investors had been looking at Pakistan because its macroeconomic fundamentals were improving, but there was some selling from local institutions.
According to official data, foreign investors bought shares worth $95.3 million in August and $77 million in September.
Last month, S&P raised Pakistan's sovereign rating to B-minus from CCC+, citing improvements in its external liquidity and a reduction in its fiscal deficit.
Dealers said that the 9,000-points level had also been provided some resistance.
Among blue-chips, Oil and Gas Development Co. Ltd. (OGDC.KA) shed 3.41 percent to 109.50 rupees, National Bank of Pakistan (NBPK.KA), gained 0.39 percent to 78.10, and Pakistan Oilfields (PKOL.KA), ended 4.2 percent higher at 211.50 rupees.
In the currency market, the rupee PKR= ended firmer at 82.77/87 to the dollar compared with Wednesday's close of 82.90/94 due to portfolio inflows.
Dealers said the rupee was expected to face downward pressure because of import payments.
The rupee has lost 4.43 percent this year after losing 22.12 percent in 2008. (Reporting by Sahar Ahmed; Editing by Simon Cameron-Moore) (For more Reuters coverage of Pakistan, see: here)
