Pakistani stocks rise, rupee firms
KARACHI: Pakistani stocks closed higher on Monday as there was higher institutional support in index heavyweight stocks.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index ended 0.16 per cent, or 26.60 points, higher at 16,891.94.
“TRG remained the volume leader. Interestingly Engro Foods due to some institutional support closed 5% up,” said dealer Samar Iqbal at Topline Securities.
Stocks that ended positively included TRG Pakistan, which rose 4.16 per cent, or 0.24 rupees, to 6.01 per share and Engro Foods, which was up 5 per cent, or 4.59 rupees, to 96.48 per share.
Stocks that fell included Dewan Cement, down 3.27 per cent to 5.03 per share, and D.G.Khan Cement, which fell 0.39 per cent to 54.25 per share.
In the currency market, the Pakistani rupee ended at 97.48/97.55 against the dollar, compared to Friday’s close of 97.49/97.54.
Overnight rates in the money market remained flat at 9.40 per cent.