KARACHI: Pakistani stocks on Thursday hit a record high for the third straight session, driven by a rise in cement and bank shares.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index surged as high as 16,844.21 in intraday trading.

It closed at 16,824.55, up 0.89 per cent or 148.85 points.

The market has hit record highs in seven of the last eight sessions, and was up more than 25 per cent since mid-June.

Fauji Bin Qsim rose 4.08 per cent, or 1.49 rupee, to 37.99 per share, while Lucky Cement was up 2.99 per cent, or 4.30 rupees, to 148.00 per share.  Byco Petroleum surged 9.37 per cent, or one rupee, to 11.67 per share.

The market also found support from expectations that the State Bank of Pakistan will cut its discount rate this week after government data showed inflation under control.

In the currency market, the Pakistani rupee strengthened at 96.54/96.59 against the dollar, compared to Tuesday’s 96.60/96.65, ahead of scheduled government debt and oil payments, dealers said.

Overnight rates in the money market remained flat at 10 per cent.