| GEO Business|
| Index closes at 10,208.21|
| Updated at: 2021 PST, Tuesday, May 11, 2010|
KARACHI: The Karachi Stock Exchange's benchmark 100-share index fell 0.77 percent, or 79.33 points, to end at 10,208.21 on turnover of 111 million shares.
Stocks ended lower because of selling by foreign investors following pressure in world markets.
The euro and global stocks fell on Tuesday as a relief rally sparked by a $1 trillion plan to contain Greece's debt crisis gave way to doubts as to how the country will cut its budget deficit.
Pakistan's short-term rates ended flat on Tuesday, but on the low side, and dealers said they expected rates to hover at those levels because of
increased liquidity in the interbank market.
Overnight call rates ended at 10.0 percent, unchanged from Monday's close.
"There is liquidity in the market and rates will probably remain on the lower side," said a brokerage dealer.
There were no scheduled inflows or outflows on Tuesday.
Dealers said the next inflows of 22 billion rupees ($262 million) were scheduled for Friday.
In the currency market, the rupee firmed to 83.88/94 to the dollar compared with Monday's close of 84.14/19 because of fewer import payments and also because exporters sold dollars.
Dealers said the rupee had also been supported by remittances from overseas Pakistani, which helped sentiment.
The central bank said on Tuesday, remittances received during the first 10 months of the 2009/10 fiscal year (July-June) rose 15 percent to $7.31 billion compared with the same period last year.