Pakistani stocks rise, rupee weakens, o/n rates slightly rise
KARACHI: Pakistani stocks rose on Thursday, supported by expectations that the central bank will ease interest rates at its monetary policy meeting on Friday.
The Karachi Stock Exchange’s (KSE) benchmark 100-index closed at 16,806.58, up 0.37 per cent or 61.98 points from the previous session.
Pakistan Telecommunications Company Limited rose 0.88 per cent, or 0.15 rupee, to 17.23 per share amid speculation a case over its long-distance call rates could soon be resolved, while Byco Petroleum was up 4.67 per cent, or 0.51 rupees, to 11.43 per share.
Stocks that fell included Lotte Pak, down 1.27 per cent to 7.75 per share, and Karachi Electric Supply Company , which dropped 3.05 per cent to 6.35 per share.
In the currency market, the Pakistani rupee weakened at 97.34/97.40 against the dollar, compared to Wednesday’s 97.17/97.23.
The rupee came under pressure due to import payments. The local currency may fall further due to strong demand for the dollar from importers, a dealer said.
Overnight rates in the money market ended at 10 per cent compared to Wednesday’s close of 9.90 per cent.