KSE ends flat at 9879 points

KSE ends flat at 9879 points
Thursday, September 09, 2010

KARACHI: Pakistani stocks ended almost flat on Thursday as investors stayed on the sidelines ahead of the long weekend because of the Muslim festival of Eid-ul-Fitr, dealers said.




Markets will be closed from Friday and reopen on Tuesday.



The Karachi Stock Exchange (KSE), benchmark 100-share index .KSE ended 0.12 percent, or 11.80 points, lower at 9,879.33, on turnover of 50.28 million shares.



"Investors showed little interest due to the upcoming holidays and volume remained subdued," said Asad Iqbal, chief investment officer at Faysal Asset Management Ltd adding that turnover is expected to increase next week in shares of companies expected to have strong profits for quarter ending Sept. 30.



In the currency market, the Pak rupee ended slightly weaker at 85.65/71 to the dollar, compared with Wednesday's close of 85.60/70 and dealers expect pressure to remain amid higher import payments.



The rupee hit a record low of 86.03 on Tuesday and has lost 0.40 percent this year, after losing 6.17 percent in 2009.



In the money market, overnight rates ended at between 11.0 and 11.5 percent, compared with Wednesday's close of between 12.00 and 12.15 percent, after the State Bank of Pakistan injected 10.05 billion rupees.