Pakistani stocks end higher; rupee strengthens; o/n rates rise
KARACHI: Pakistani stocks closed higher on Thursday, led by higher prices in cement stocks and trading in blue chip companies.
The Karachi Stock Exchange (KSE) benchmark 100-share index ended 0.14 per cent, or 22.55 points, higher at 16,143.07.
The expected resumption of gas supply to fertilizer industry helped boost buying despite concerns over the rupee’s downward trend, said Ahsan Mehanti, a trader at Arif Habib Corp.
Fauji Cement rose 4.26 per cent, or 0.28 rupees, to 6.85 per share, while Maple Leaf Cement rose 6.26 per cent, or 0.71 rupees, to 12.05 per share.
In the currency market, the Pakistani rupee strengthened, closing at 95.71/95.76 to the dollar, compared to Wednesday’s close of 95.86/95.91.
Overnight rates in the money market ended at 10 per cent compared to Wednesday’s close of 9.90 per cent.