KSE-100 index slips 12.54 points

KARACHI: Investors booked profits on higher prices while bargain hunters bought fertiliser shares on hopes of strong corporate results, dealers said, leaving
Pakistani stocks almost flat on Monday.

Companies are due to announce results for the quarter ended Sept. 30 in the coming days.

The KSE benchmark 100-share index ended 0.10 percent, or 12.54 points, lower at 11,975.55.

Volume was 79.47 million shares compared with 92.16 million shares traded on Friday.

"Institutional interest remained for fertilizer companies on rising local urea prices," said Ahsan Mehanti, director at Arif Habib Investments Ltd.

Fatima Fertiliser, the volume leader, rose 4.96 percent to end at 23.89 rupees, while Fauji Fertiliser ended 3.57 percent higher at 194.10 rupees.

In the currency market, the rupee firmed to 86.54/59 to the dollar compared with Friday's close of 86.57/62, amid a lack of import payments and on increased remittances from Pakistanis living abroad.

According to official data, remittances rose 25 percent to $3.3 billion in the first three months of the 2011/12 fiscal year (July-June), compared with $2.65 billion in the same period last year.

However remittances fell to $890 million in September, compared with $922 million received in September last year.

In the money market, overnight rates ended at between 11.50 percent and 11.70 percent, compared with Friday's close of 11.90 percent amid increased liquidity in the interbank market. (Reuters)