KARACHI: Share prices at Karachi Stock Exchange (KSE) ended higher on Monday but off the day's peak as foreign investors sold their holdings amid concerns over strained ties between civilian leaders and the military.
The Karachi Stock Exchange's (KSE) benchmark 100-share index ended up 0.5 percent, or 54.89 points, at 11,083.03,after hitting an intraday high of 11,161.35.
Turnover fell to just 36.45 million shares, down from 47.64million on Friday.
Dealers said the market rose early, after the return to Pakistan of President Asif Ali Zardari, whose medical treatment in Dubai triggered speculation he may resign. Tensions have been rising over a memo accusing the country's generals of plotting a coup.
It is not clear when the deeply unpopular Zardari, who has uneasy ties with the army, will return to work. He flew into the southern city of Karachi.
"There was some optimism in the market in the morning after Zardari's return, as investors thought that this might bring to an end the speculation regarding the future of the government," said a stock dealer.
"However, foreign investors, probably still concerned about the situation, emerged as sellers in the later part, driving the market sentiment lower, and though the index ended up, it was much lower than the high reached earlier in the day."
Net selling by foreign investors in the Karachi stock market stood at $11.24 million last week, according to official data.
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