High volumes push KSE closer to 18,000 mark
KARACHI: Pakistan’s stock market closed higher on Wednesday with rising turnover. The market came close to 18,000 points due to continuous foreign buying.
Volume traded crossed Rs.9 billion with active role played by institutions and high-net-worth individuals.
Engro Foods closed near its upper limit due to institutional buying. Large cement companies like DG Khan Cement and Lucky Cement also rallied in expectations that profit will further increase in this quarter, said Samar Iqbal at Topline Securities.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index ended 0.73 per cent, or 129.36 points, higher at 17,947.07. The index touched a high of 17,989.93 points during the day’s trading.
DG Khan Cement rose 3.92 per cent to 62.00 rupees and Engro Foods was up 4.99 per cent to 125.08 rupees.
In the currency market, the rupee ended at 98.04/98.09 against the dollar, stronger than Tuesday’s close of 98.16/98.21.
Overnight rates in the money market were flat at 7.25 percent