Pakistani stocks close at all-time high; rupee strengthens
KARACHI: The Pakistani stock market closed higher on Tuesday, with buying triggered by expected healthy corporate results to be announced for December.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index ended 0.98 percent, or 167.05 points, higher at 17,172.04.
Business conglomerate Engro Corporation gained 4.36 percent after the Economic Coordination Committee announced a new gas loading management plan, said dealer Samar Iqbal at Topline Securities.
Telecard Ltd was up 27.31 percent at 3.45 rupees. Fauji Cement was down 2.09 percent at 7.95 rupees while Byco Petroleum fell 1.55 percent to 13.94 rupees.
In the currency market, the rupee ended at 97.64/97.69 against the dollar, stronger than Monday’s close of 97.68/97.74.
Overnight rates in the money market were flat at 9.40 percent.