KSE 100-index ends flat

KARACHI: The Karachi Stock Exchange's (KSE) benchmark 100-share index ended 0.05 percent, or 5.80 points, lower at 11,878.81 on turnover of 40 million shares. Volume reached an eight-month low on Wednesday as only 36.77 million shares were traded.

"There were barely any volume due to limited institutional and foreign activity because of uncertainty over the possible budget implications on the corporate sector," said Ahsan Mehanti, director at Arif Habib Investments Ltd.

Pakistani stocks ended flat on Thursday in thin trade as investors remained cautious ahead of the monetary policy and budget announcements for 2011/12 fiscal year, dealers said.

The monetary policy is due to be announced on Saturday while the budget for 2011/12 fiscal year is due to be announced on May 28.

In the currency market, the rupee ended weaker at 85.75/85 to the dollar compared with Wednesday's close of 85.54/62 because of import payments. But dealers said lower oil prices and incoming remittances should support the rupee and it should remain around these levels.

Remittances from overseas Pakistanis increased by 23.81 percent to more than $9 billion in the first 10 months of the 2010/11 fiscal year, with $1.03 billion received in April, according to the State Bank of Pakistan. (Reuters)