Telecom stocks lead market to new record high
KARACHI: Pakistan’s stock market closed at a record high on Thursday, led by institutional investment in the telecom sector.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index ended 0.39 per cent, or 69.37 points, higher at 17,765.82. The market peaked at a high of 17,777 points with a volume of 170.98 million shares traded.
Increased international call revenue reported by Pakistan Telecommunication Corporation Ltd generated investor interest in all telecom stocks.
The index was also supported by interest in the state-run Oil and Gas Development Company, said dealer Samar Iqbal at Topline Securities.
Although Pakistan has around 600 companies listed on the exchange, only about a tenth of those see regular trading. OGDC is among a handful of heavyweights who have the power to substantially move the market.
The Oil and Gas Development Company was up 0.55 percent to 203.21 rupees per share. Telecard Ltd rose 20.43 per cent to 5.60 rupees and Pakistan Telecommunication Corporation rose 4.98 percent to 21.10 rupees.
In the currency market, the rupee ended steady at 98.04/98.09 against the dollar, compared to Wednesday’s close of 98.05/98.10.
Overnight rates in the money market fell to seven per cent compared to Wednesday’s close of 9 percent.