The Karachi stock Exchange.—Reuters/File Photo

KARACHI: Pakistan’s stock market closed higher on Monday, supported by a lower inflation rate and interest in the oil, fertilizer and cement sectors, dealers said.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index ended 1.27 per cent, or 228.80 points, higher at 18,272.11 points.

Pakistan’s inflation rate eased to 6.57 percent in March year-on-year, from 7.4 per cent in February, the Pakistan Bureau of Statistics said on Monday.

Traders said the end of the nomination process ahead of May 11 general elections also boosted investor confidence.

“With (the) nomination paper submission process over, investors confidence improves as local bourse crossed 18,270 points mark for the first time ever,” said Samar Iqbal, a trader at Topline Securities.

“Pre-result mania coupled with (a) lower CPI helped also kept interest alive.”

Pakistan Petroleum Ltd rose 2.61 per cent to 179.78 rupees and Engro Corporation rose 4.42 per cent to 134.70 rupees.

In the currency market, the rupee ended steady at 98.38/98.43 against the dollar.

Overnight rates in the money market remained flat at 9.40 percent.

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Judiciary’s SOS
Updated 28 Mar, 2024

Judiciary’s SOS

The ball is now in CJP Isa’s court, and he will feel pressure to take action.
Data protection
28 Mar, 2024

Data protection

WHAT do we want? Data protection laws. When do we want them? Immediately. Without delay, if we are to prevent ...
Selling humans
28 Mar, 2024

Selling humans

HUMAN traders feed off economic distress; they peddle promises of a better life to the impoverished who, mired in...
New terror wave
Updated 27 Mar, 2024

New terror wave

The time has come for decisive government action against militancy.
Development costs
27 Mar, 2024

Development costs

A HEFTY escalation of 30pc in the cost of ongoing federal development schemes is one of the many decisions where the...
Aitchison controversy
Updated 27 Mar, 2024

Aitchison controversy

It is hoped that higher authorities realise that politics and nepotism have no place in schools.