Pakistani stocks rise, rupee strengthens
KARACHI: Pakistani stocks closed higher Tuesday as investors remained hopeful that the national saving rate will be reduced soon, dealers said.
The Karachi Stock Exchange’s (KSE) benchmark 100-index closed at 16,858.68 higher, 0.34 per cent or 57.66 points.
D.G. Khan Cement rose 1.09 per cent, or 0.59 rupee, to 54.95 per share while Fauji Bin Qaim was up 1.11 per cent, or 0.42 rupees, to 38.28 per share.
“In hope that the national saving rate will soon be reduced, fresh buying was witnessed at Karachi stock exchange,” said dealer Samar Iqbal at Topline Securities.
Stocks that fell included Hub Power Co, down 1.35 per cent to 43.90 per share, and Jahangir Siddiqui, which fell 2.69 per cent to 16.25 per share.
In the currency market, the Pakistani rupee strengthened, closing at 97.88/97.94 against the dollar, compared to Tuesday’s 98.08/98.13.
The rally was a brief interlude in a mainly downward slide.
The rupee is under pressure due to import and oil payments and may fall further due to strong demand for the dollar from importers, a dealer said.
Overnight rates in the money market ended at 9.40 per cent compared to Tuesday’s close of 9.25 per cent.