ISLAMABAD: Pakistan stocks recovered slightly on Monday after the previous week ended with three consecutive days of losses, with investors hopeful that the market will bounce back, dealers said.
The Karachi Stock Exchange (KSE) benchmark 100-share index ended 0.13 per cent, or 17.96 points, higher at 13,875.74 on volume of 46.36 million shares, compared to Friday’s close of 13,857.78.
“There was a slight recovery in the market, with investors looking at last week’s losses as the market correcting itself, and they are hopeful of improvement this week,” said Samar Iqbal, a dealer at Topline Securities.
In the currency market, the Pakistani rupee ended weaker at 91.26/32 to the dollar, compared with Friday’s close of 90.73/93.
The rupee has been supported by remittances, which rose 20.2 per cent to $10.88 billion in the first 10 months of the 2011/12 fiscal year, compared with $9.05 billion in the same period last year.
In April, remittances totalled $1.14 billion.
Overnight rates in the money market closed lower at 10.50 per cent, compared to 11.90 on Friday, because of increased liquidity in the interbank market.
