The Karachi Stock Exchange (KSE) benchmark 100-share index fell 0.65 percent, or 75.55 points, to end at 11,599.28.
Volume rose to 56.3 million shares, compared with 36.32 million shares traded on Monday.
"There seems to be foreign selling especially in the oil and banking companies," said Sajid Bhanji, director at brokers Arif Habib Ltd.
Foreign investors sold shares worth a net $4.42 million on Monday. Data for Tuesday will be released later in the day.
In the currency market, the rupee closed at 84.52/62 to the dollar, compared with Monday's close of 84.27, because of higher demand for the dollar for import payments.
The rupee touched an 11-month high last week because of a record inflow of remittances in March, strong foreign exchange reserves, healthy exports and a current account surplus, according to analysts and officials.
Remittances by overseas Pakistani increased by 22.37 percent to more than $8 billion in the first nine months of the 2010/11 fiscal year, and in March a record $1.05 billion was received, according to data from the State Bank of Pakistan.
In the money market, overnight rates ended flat at 13 percent, unchanged from the previous day's close, and dealers said they were awaiting the treasury bill auction scheduled for Wednesday.
The next scheduled inflows are on Thursday amounting to 293 billion rupees ($3.4 billion).
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