Pakistani stocks continue upward rally
KARACHI: Pakistan’s stock market closed higher on Friday, pushed by investor interest in the Pakistan Telecommunication Corporation Ltd.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index ended 0.18 per cent, or 31.40 points, higher at 17,797.22.
Pakistan Telecommunication Corporation Ltd. closed at its upper limit as it continue rallying after its result announcement. Stocks in Pakistan can only move up or down 5 per cent per day in order to control volatility in the market.
Disappointed investors booked profit in business conglomerate Engro Corporation after it announced good results but no pay out, said dealer Samar Iqbal at Topline Securities.
Pakistan Telecommunication Corporation rose 4.98 percent to 22.15 rupees and Telecard Ltd fell 4.46 percent to 5.35 rupees.
In the currency market, the rupee ended steady at 98.04/98.08 against the dollar, compared to Thursday’s close of 98.04/98.09.
Overnight rates in the money market rose to 8.50 percent compared to Thursday’s close of 7 per cent.