KARACHI: Pakistani stocks hit a record high for the second straight session on Wednesday, surging above 16,500 points on support from cement and textile companies.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index surged to a record high of 16,504.38 during intra-day trading, closing at 16,424.03, up 0.36 per cent or 59.26 points.

Engro Foods rose 4.77 per cent, or 3.85 rupees, to 84.60 per share, while Fauji Cement rose 0.14 per cent, or 0.01 rupees, to 6.91 per share.

The market also found support from expectations that the State Bank of Pakistan will cut its discount rate at next month’s monetary policy meeting.

In the currency market, the Pakistani rupee weakened at 96.53/96.58 to the dollar, compared to Tuesday’s close of 96.12/96.22, on strong demand for the greenback.

Overnight rates in the money market remained flat 9.00 per cent.