Bearish KSE end down at 9205

KARACHI: Pakistani stocks ended more than 1 percent lower on Tuesday as investors booked profits at higher levels after the market gained 2.62 percent the previous day on hopes for a cut in the key policy rate, dealers said.

Monetary policy for December and January will be announced on Nov. 24, a central bank spokesman said.

The Karachi Stock Exchange's .KSE benchmark 100-share index ended 1.07 percent, or 99.33 points, lower at 9,204.98 on turnover of 160 million shares.

"Share prices fell today mainly due to profit-taking," said Furqan Punjani, an analyst at Topline Securities Ltd.

Volume was still on the low side but the negative impact of militant attacks was easing as the attacks were occurring almost on a daily basis, dealers said.

The army began an offensive against Pakistani Taliban fighters in South Waziristan on the Afghan border a month ago and militants have stepped up retaliatory attacks in response, killing hundreds of people.

The KSE-100 index has gained 60 percent this year after losing 57.9 percent last year.

In the currency market, the rupee ended flat at 83.40/50 to the dollar, unchanged from Monday's closing.

The rupee has been supported by remittances from Pakistanis working overseas but dealers expect importers will weaken the currency.

According to the latest official data, remittances from Pakistanis working overseas rose 32 percent to $3.1 billion in the first four months of the 2009/10 (July-June) fiscal year.

The rupee has weakened 5.97 percent this year after losing 22.12