KARACHI (Reuters) The Karachi stock market closed sharply lower on Wednesday, as institutional investors booked profits after recent healthy gains in the index, dealers said. The KSE benchmark 100-share index ended 2.28 per cent, or 271.73 points, lower at 11,640.46. Volume was 112.42 million shares compared with 81.15 million shares traded on Tuesday. "The market has gained pretty sharply in the past week or so, and it was overdue for a correction," said Ashraf Zakaria, a dealer at brokers Ali Hussain Rajabali and Co. "The volumes were pretty good but we saw some heavy institutional selling, especially in Fauji Fertiliser and Pakistan Petroleum Ltd (PPL), which led the fall in the index," he said. Both Fauji and PPL lost 5 percent to hit their lower locks, and closed at 188.44 rupees and 170.79 rupees, respectively. In the currency market, the rupee weakened to 86.66/71 to the dollar, little changed from the previous day's close, amid steady import payments. The rupee has firmed in the previous trading sessions on healthy remittances from Pakistanis living abroad, but dealers said a widening current account deficit means that the local currency can see some downward pressure in days ahead. Pakistan's current account deficit surged to a provisional $908 million in September, compared with a deficit of $201 million in the previous month. APP adds from Islamabad: Islamabad Stock Exchange (ISE-10) on Wednesday witnessed bearish trend as the index closed at 2487.36 after losing 79.34 points. Stock Analyst, Ismail Iqbal Pvt Ltd, Sadiq Rashid told APP that the profit-booking led the bearish rally in the local equity market because of the consecutive upward trend in the selected blue chips. He said that there were no negative sentiments in the local markets because buying was seemed at the lower level of index. "Pakistan Oilfields Ltd (POL) announced 1st quarter of current financial year earning per share (EPS) of Rs14.61 showing an increase of 55 percent as compared to an EPS of Rs9.44 in the corresponding period last year", he added. Analyst, Association for Investors' Awareness, Faheem Akhtar said that yesterday the markets witnessed technical correction because the index remained at upper level for many days. "Results season is likely to avert any severe damage to local market", he added. He said that keeping view the earning of blue chips especially oil and banks could be the best for holing for long-term. Total shares traded were 155,776, which were up by 82,176 against the closing of a day earlier. Out of 120 companies, the price of 34 increased while the price of 86 decreased. The price top gainer Unilever Pakistan increased by Rs.57.79 while the price of top loser Millat Tractors decreased by Rs.10.07. Fatima Fertilizer, PTCL and Engro Corporation remained volume leaders on Wednesday, with the volumes of 81,500, 25,554 and 12,500 shares respectively.