KSE sheds 205 points, ends at 13,857

KARACHI: The Karachi Stock Exchange (KSE) benchmark 100-share index ended 1.46 percent, or 205.3 points, lower at 13,857.78 on volume of 129.29 million shares, compared to Thursday's close of 14,063.08.

Stocks fell for a third consecutive day on Friday with investors depressed by the performance of global markets, dealers said.

"Across the board selling was seen, as more than 200 companies' shares fell. Investors booked profits due to the fear that the bearish trend in global markets may result in more selling (by foreign investors)," said a dealer atTopline Securities.

Foreign investors sold shares worth a net $4,201,629 on Thursday, according to the National Clearing Company of Pakistan.

In the currency market, the rupee ended almost flat at 90.73/93 to the dollar, compared with Thursday's close of 90.86/91.

The rupee has been supported by remittances, which rose 20.2 percent to $10.88 billion in the first 10 months of the 2011/12 fiscal year, compared with $9.05 billion in the same period last year.

In April, remittances totalled $1.14 billion.

Overnight rates in the money market closed at 11.90 percent, the same level as on Thursday. (Reuters)