KSE100-index closes on 12658 points

KARACHI: Pakistani stocks fell on Tuesday as investors booked profits after the market touched a 31-month high the previous day, dealers said.

The Karachi Stock Exchange's benchmark 100-share index ended 0.19 percent, or 23.78 points, lower at 12,658.16 on turnover of 270.8 million shares.

"Investors booked profits in an overbought market, but losses were restricted as there was buying in the fertilizer sector ahead of the result season," said Ahfaz Mustafa, managing director at Ismail Iqbal Securities Ltd.

Volume leader Fauji Bin Qasim ended 2.25 percent higher at 43.10 rupees ahead of its results for the quarter ending Dec. 31 due to be announced on Jan. 25

In the currency market, the rupee ended at 85.85/90 to the dollar, weaker than Monday's close of 85.50/55 because of higher import payments, especially of oil, dealers said.

Brent oil edged higher on Tuesday after OPEC stuck to its view there was ample supply on the market, while the International Energy Agency said economic recovery would spur a gradual rise in demand.

Brent for March added 42 cents to $97.85 a barrel by1112 GMT. The front-month Brent contract on Friday touched $99.20, the highest price since October 2008.

U.S. crude fell 4 cents to $91.50.

In the money market, overnight rates fell to between 12percent and 12.50 percent, compared with Monday's close of between 13.00 percent and 13.50 percent amid increased liquidity in the interbank market.