KARACHI (Reuters) The Karachi stock market closed flat on Friday with early gains wiped out after Engro Corp reported lower-than-expected results for the first half of 2011, dealers said Engro Corp reported a net profit of 3.32 billion rupees ($38.45 million) in the first half of 2011, compared with 3.2 billion rupees in the same period last year. The earning per share was 8.64 rupees. The result is well below our expectation of 10.8 rupees per share mainly on account of lower earnings of its fertilizer business, said Bilal Qamar, an analyst at JS Global Capital Ltd. Engro closed 2.86 percent lower at 131.89 rupees. Engro Corps lower-than-expected result forced its share price lower by four rupees, said Samar Iqbal, a dealer at Topline Securities Ltd. The Karachi Stock Exchanges benchmark 100-share index closed 0.03 percent, or 2.91 points, lower at 11,262.04 points on turnover of 53.87 million shares. The KSE-index hit an intra-day high of 11,410.74 points. APP adds from Islamabad: Islamabad Stock Exchange (ISE-10) witnessed bearish trend here on Friday, as the index lost 1.38 points to close at 2418.50. Manager of First National Equity Pvt Ltd M.M Hassan told APP that the selling in gold caused bullish trend in local stock markets because the investors had taken a fresh position in the stock markets. He said that the markets indicated positive sentiments because major institutions accumulated huge quantity of shares at lower level of index during the beginning of current week. Senior Equity Dealer, Ismail Iqbal Pvt Ltd, Zaheer Ahmed said that the market was positive at the opening but profit taking by major investors caused bearish trend in the end because of two-day off of markets. According to National Clearing Company of Pakistan (NCCPL), the major buyers in the stock markets were foreign investors and mutual funds here on Friday, he added. He said that the financial results of OGDCL was good as expected by investors while the Engro was not satisfactory. In todays trading a total 29,500 shares were traded, which were down by 9,100 shares as compared to previous day trading. Out of 121 companies, the share price of 85 increased, while the price of 36 companies decreased. The price of top gainer Siemens Pakistan Engineering was increased by Rs.23.00 while the price of top loser decreased by Rs.261.49. Lotte Pakistan PTA, Fatima Fertilizer and Engro Corporation were remained the volume leader here on Friday with volume of 21,000, 5,600 and 2,300 respectively.