Karachi stocks rise; rupee hits fresh low against dollar
ISLAMABAD: The Karachi Stock Exchange closed up on Monday, with buying in the cement and fertiliser sectors helping the market close above 14,000 points, dealers said.
The KSE’s benchmark 100-share index ended 0.76 per cent, or 106.45 points, higher at 14,031.51 points on volume of 119.69 million shares, compared with Friday’s close of 13,925.06.
“Led by institutional buying in cement and fertiliser stocks, the market rallied to close above the 14,000-points mark,” said Samar Iqbal, a dealer at Topline Securities.
Fatima Fertilizer closed 2.94 per cent higher at 24.85 Pakistani rupees, Fauji Fertilizer ended 2.15 per cent higher at 112.5 rupees, and Fauji Fertilizer Bin Qasim rose 3.95 per cent to 41.6 rupees.
In the cement sector, D.G. Khan Cement closed 2.29 per cent higher at 43.75 rupees, and Attock Cement ended 1.88 per cent higher at 79.5 rupees.
The Pakistani rupee extended its recent sequence of marking record lows versus the US dollar, closing on Monday at 92.14/19 to the dollar, compared with 91.70/75 on Friday.
“The pressure we saw last week on the rupee because of increased import payments was sustained on Monday, but we expect the pressure to reduce tomorrow,” said currency trader Abdul Basit.
Overnight rates in the money market ended marginally lower at 10.75 per cent, down from Friday’s close of 11 per cent, as a result of a slight increase in liquidity in the interbank market.