Source: Reuters

KARACHI - Pakistani stocks ended 0.44 percent lower on the last day of the week on Friday, as investors sold shares to take advantage of higher prices after healthy gains earlier in the week.

The benchmark Karachi Stock Exchange (KSE) 100-share index closed down 67.17 points at 15,078.19 points, after hitting a record 15,179.79 points a day earlier.

Turnover was 219 million shares, while losers beat gainers 187 to 134.

The free-float KSE-30 share index ended 0.08 percent lower at 18,596.69 points.

“The market recorded decent gains over the last couple of days, and so the prices were pretty attractive for investors to sell and book gains,” said Mohammed Sohail, director of equity broking and research at brokerage JS Global Capital.

Sohail said investors were also cautious because of the weekend.

“But the tempo of the market is very positive, and foreign investors are also taking interest. We should see some more gains in the short term,” he said.

Pakistani stocks have remained largely unaffected by the weakening of world markets, and dealers said the regional slide only had a slight impact on the sentiment.

Fears about U.S. recession, increased credit-related losses in the financial sector, and a sinking dollar battered world stocks again on Friday.

In neighbouring India, the main stock index ended 3.42 percent lower.

The KSE-100 index, however, is up more than 5 percent since Feb. 18 parliamentary elections and 7.1 percent this year.

Among the most active companies, Fauji Fertiliser Bin Qasim was 2.2 percent up at 46.75 rupees, Oil and Gas Development Co Ltd lost 0.4 percent to 136.25 rupees, while Pakistan Oilfields gained 2 percent to close at 365.35 rupees.

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Tags: KSE, lower, points, rate, Shares, Stocks