Pakistani stocks drop as investors book profits

Karachi: Pakistani stocks ended lower Tuesday as investors opted to book profits following healthy gains a day earlier, and dealers said the market was expected to stay steady in coming days.

The Karachi Stock Exchange (KSE) benchmark 100-share index fell 0.29 per cent, or 28.47 points, to end at 9,763.17. Turnover was 130.6 million shares, compared with 160 million shares traded a day earlier.

"There was no negative news as such today, and investors just opted to book profit after the post-budget rally yesterday," said Sajid Bhanji, a director at Arif Habib Ltd.

The KSE-100 closed 1.61 per cent higher on Monday in its first session after the announcement of the 2010-11 budget.

In the currency market, the rupee closed at 85.40/46 to the dollar, little changed from the previous day's close.