Stocks ended nearly one percent lower on Thursday after gaining almost 3 percent the previous day as investors sold shares to book profits at higher levels, dealers said. The Karachi Stock Exchange's (KSE) benchmark 100-share index closed or 88.79, or 0.98 percent, lower at 8,996.19 on turnover of 232.4 million shares. The KSE-index made its highest close this year on Wednesday at 9,084.38 points. The index has gained 53.4 percent this year after losing 58.3 percent in 2008. After a huge increase yesterday, we saw some profit taking today, especially from the local institutions, said Mohammed Sohail, chief executive at Topline Securities. Dealers said that the 9,000-points level had also been provided some resistance. Among blue-chips, Oil and Gas Development Co. Ltd. shed 3.41 percent to 109.50 rupees, National Bank of Pakistan, gained 0.39 percent to 78.10, and Pakistan Oilfields, ended 4.2 percent higher at 211.50 rupees.
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