KARACHI (Reuters) The Karachi stock market closed lower on Thursday as local investors sold their shares on higher levels following selling by foreign investors in the previous trading sessions, dealers said. The KSE benchmark 100-share index ended 0.77 percent, or 92.78 points, lower at 11,966.29. Volume was 91.68 million shares, compared with 117.8 million shares traded on Wednesday. "Concerns for foreign outflow from the Karachi bourse and a fall in international oil prices affected the market sentiment," said Ahsan Mehanti, director at Arif Habib Investments Ltd. Foreign investors sold shares worth a net $3.2 million this week. In the currency market, the rupee firmed to 86.85/90 to the dollar compared with Wednesday's close of 87.15/20 amid lack of import payments and on increased remittances from Pakistanis living abroad. According to official data, remittances rose 25 percent to $3.3 billion in the first three months of the 2011/12 fiscal year (July-June), compared with $2.65b in the same period last year. However remittances fell to $890 million in September, compared with $922 million received in September last year. APP adds from Islamabad: Islamabad Stock Exchange (ISE-10) on Thursday witnessed bearish trend as the index shed 20.92 points to close at 2619.72 points. Senior Analyst, Ace Securities Pvt Ltd, Ibrahim told APP that the rumours of the government's decision to ban oil exports led bearish rally in the markets. He said that thus, the banning of POL products to Afghanistan as well as American Defence Energy Supply Company would cause the negative earnings impact from Rs.2 to Rs.2.5 per share on PSO and APL. Due to this, major positions were off-loaded in oil sector especially in PSO as its price went down by Rs. 9.11. Senior Equity Dealer Ismail Iqbal Pvt Ltd said that the initiation by Federal Investigation Agency (FIA) to put 16 NBP officers on the Exit Control List (ECL) caused negative sentiments in the local stock markets. He said that the aggressive selling, led by National Bank of Pakistan (NBP) because of this news, was witnessed in the markets. Total shares traded were 185,300, up by 69,101 as compared to previous day's trading. Out of 106 companies, the price of 31 increased while the price of 75 decreased. The price of top loser Unilever Pakistan increased by Rs.78.33 while the price of top loser PSO decreased by Rs.9.11.