Pakistani stocks end higher; rupee strengthens; o/n rates rise
KARACHI: Pakistani stocks closed higher on Thursday, briefly touching a record high of over 16,000 points, supported by expectations that inflation fell in October.
Investors anticipate lower inflation figures will be announced Friday, allowing the central bank to further reduce the monetary policy rate, dealers said.
The Karachi Stock Exchange (KSE) benchmark 100-share index ended 0.33 per cent, or 52.26 points, higher at 15,962.37, on total volume of 189.16 million shares.
In the currency market, the Pakistani rupee ended at higher at 95.65/95.69 to the dollar, compared to Wednesday’s close of 95.84/95.90.
Overnight rates in the money market ended at 9.25 per cent compared to Wednesday’s 9.00 per cent.