Stocks slip 37.15 points

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KARACHI: Shares at local capital market ended lower on Thursday, as investors booked profits by selling energy sector shares that had performed well in previous trading sessions, dealers said.

The Karachi Stock Exchange's benchmark 100-share index ended 0.30 percent, or 37.15 points, lower at 12,330.14.

Turnover fell to 111.86 million shares from 151.3 million traded on Wednesday.

"There was profit taking in oil stocks which dragged the index lower," said Samar Iqbal, a dealer at brokers Topline Securities.

Oil and Gas Development Co Ltd ended 0.59 percent lower at 155 rupees and Pakistan Oilfields shed 0.39 percent to close at 354.30 rupees.

Dealers expect the market to stay steady in the coming days, despite the negative sentiment that emerged after Friday's budget for the fiscal year 2011/12 (July-June), in which the government did not remove a capital gains tax on individual investments.

In the currency market, the rupee ended at 85.73/77 to the dollar, firmer than the previous day's close of 85.86/89 because of a lack of import payments.

The rupee hit a record low of 86.50 last month, and dealers said the local unit may face some pressure in the days ahead, amid increased demand for dollar for import payments and a bleak outlook.

In the money market, overnight rates ended at the top level of 13.90 percent, compared with Wednesday's close of 12.75 percent amid tight liquidity in the interbank market, dealers said. (Reuters)