Karachi Stock Exchange ends flat, rupee firms

KARACHI: Karachi Stock Exchange (KSE) ended almost flat on Wednesday as investors sold shares at higher levels but bargain hunters accumulated fertiliser shares following an increase in urea prices, dealers said.

The KSE benchmark 100-share index ended 0.04 percent, or 4.25 points, higher at 12,059.07.

Volume was 117.8 million shares, compared with 141.7 million shares traded on Tuesday.

"There was some buying in the fertiliser sector following a rise in urea prices which would increase their earnings," said Ahsan Mehanti, director at Arif Habib Investments Ltd.

Fauji Bin Qasim ended 2.28 percent higher at 62.68 rupees and Fauji Fertiliser closed up 2.53 percent at 184.90 rupees.

In the currency market, the rupee firmed to 87.15/20 to the dollar compared with Tuesday's close of 87.36/41 on increased remittances from Pakistanis living abroad.

According to official data, remittances rose 25 percent to $3.3 billion in the first three months of 2010/11 fiscal year (July-June), compared with $2.65 billion in the same period last year.

However remittances fell to $890 million in September, compared with $922 million received in September last year.

In the money market, overnight rates ended at the top level of 11.90 percent amid tight liquidity in the market.

Copyright Reuters, 2011