KARACHI (Reuters) The Karachi stock market closed flat on Wednesday amid thin trade as cautious investors awaited clarity on urea prices after reports it may fall in the domestic market, dealers said. The Karachi Stock Exchanges benchmark 100-share index fell 0.01pc, or 1.24 points, to close at 11,992.77 on turnover of just 51.34m shares. Profit taking was witnessed in the fertilizer sector after conflicting news about the urea price trend going forward, said Samar Iqbal, a dealer at Topline Securities Ltd.Urea is a widly used soil nutrient. Fatima Fertiliser fell 2.14 percent to 23.83 rupees and Engro Corp ended 1.04pc lower at 133.10 rupees. There were reports urea price may fall from its current level of 1,580 rupees ($18.196) per bag, after a govt announcement it would sell the imported urea at 1,580 rupees per bag. In the currency market, the rupee ended at 86.95/99 to the dollar, compared with Tuesdays close of 86.80/86, despite an increase in remittances from overseas Pakistanis, because of increased import payments. According to official data, remittances rose 23.24 percent to $4.3b in the first four months of 2010/11 fiscal year (July-June), compared with $3.50b in the same period last year. Remittances rose to $1.02 billion in October, compared with $855.11 million received in October last year. In the money market, the overnight rate ended at its floor of 9 percent, compared with the previous days close of between 11.50 percent and 11.75 percent, amid increased liquidity in the interbank market.