| Updated at: 1900 PST, Monday, January 10, 2011|
KARACHI: The prices of local stocks at Karachi Stock Exchange (KSE) fell on Monday following a sell-off in Asian markets while local investors booked profits after the market ended at its highest point since June 2008 on Friday.
Southeast Asian stock markets fell sharply on Monday as foreign investors took profits and bailed from the region on fears that policymakers may not be able to catch up easily with rising inflation.
The Karachi Stock Exchange's benchmark 100-share index ended 0.66 percent, or 82.34 points, down at 12,306.70, on turnover of 135.4 million shares.
"A sell off in regional markets affected local investor sentiment today," a dealer said.
Dealers said the market initially reacted positively to relative stability in the political scenario but early gains were wiped off because of pressure in the regional markets.
Prime Minister Yusuf Raza Gilani accepted demands on Sunday from former Prime Minister Nawaz Sharif in a bid to further defuse Pakistan's political crisis.