OGDCL, the most heavily weighted company on the KSE-index, ended 2.11 per cent lower at 148.15 rupees.—File Photo

KARACHI: Pakistani stocks ended lower on Thursday as investors booked profit in blue chip companies such as Oil and Gas Development Co Ltd (OGDCL).

The Karachi Stock Exchange’s benchmark 100-share index ended 0.28 per cent, or 32.12 points, lower at 11,515.59 points. On Wednesday, the KSE-index ended 2.15 per cent higher at 11,547.71, its highest close since Dec 1.

Volume rose to 92.47 million shares, compared with 83.73 million shares traded on Wednesday.

“After rising by more than 500 points in last few sessions, some profit-taking was seen at Karachi Stock Exchange,” said Samar Iqbal, a dealer at Topline Securities Ltd. “OGDCL, which rallied in the last session, fell by two per cent.”

OGDCL, the most heavily weighted company on the KSE-index, ended 2.11 per cent lower at 148.15 rupees.

In the currency market, the rupee ended firmer at 90.00/10 to the dollar, compared to Wednesday’s close of 90.21/28, amid lack of import payments.

The rupee fell to a record low of 91.28 to the dollar in intra-day trade last week.

Analysts say concerns about the country’s economic health, especially a weakening current account, are adding to pressure on the rupee.

The current account recorded a provisional deficit of $2.154 billion in the first six months of the 2011/12 fiscal year, compared with a surplus of $8 million in the same period last year, according to data from the State Bank of Pakistan.

The deficit is likely to widen further in the coming months because of debt repayments and a lack of external aid.

In the money market, overnight rates ended flat at 11.90 per cent, unchanged from the previous day’s close.

Dealers said there were scheduled outflows of 218 billion rupees ($2.42 billion) on Friday and the central bank is likely to conduct a seven-day reverse repo.