Karachi: Pakistani stocks fell yesterday as investors booked profits at higher levels but dealers expect a market recovery in the short term on hopes of strong corporate earnings.
The Karachi Stock Exchange's benchmark 100-share index ended 0.32 per cent, or 39.49 points, lower at 12,267.21, on turnover of 120 million shares.
"There was profit taking in overbought scrips but investors remained active in banking, fertiliser and energy stocks on expectations of healthy profits," said Ahsan Mehanti, director at Arif Habib Investments Ltd.
Corporate results for the quarter ending December 31 are due to be announced in the next few days.
In the currency market, the rupee ended at 85.68/73 to the dollar, firmer than Monday's close of 85.72/77 on higher remittances from overseas Pakistanis.
