Pakistani stocks rise 374 points; rupee closes steady
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KARACHI: Pakistan's main stock exchange closed higher on Wednesday, with the benchmark 100-share index of the Karachi Stock Exchange rising 1.64 per cent, or 374.51 points, to 23,165.21.
After a gap of six weeks, the Karachi market index crossed the 23,000 mark on renewed buying by local and foreign investors.
Positive news flows were recorded in the textile, telecommunications and fertiliser sectors, dealers said.
Pakistan State Oil Co Ltd rose 5 per cent to 295.39 rupees while Engro Corporation Ltd was up 4.99 per cent at 133.11 rupees.
The rupee ended steady at 107.23/107.29 against the dollar, compared with Tuesday’s close of 107.23/107.28.
Overnight rates in the money market rose to 9.40 per cent from Tuesday's close of 8.50 per cent.
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On DawnNews
Comments (1) Closed
Nov 07, 2013 12:24am
Dollar has reached the price of Rs.108 from Rs.60 during Parvez Musharraf days. Is it mismanagement or what? Exports from Pakistan are decreasing whereas Imports are at highest level. Can't Government do some thing to increase Exports? Remittances from Foreign Countries by Pakistanis working there are the main source of Foreign Exchange Earnings but poor Pakistanis living abroad are not eligible to vote and select Government of their choice as present leaders feel it comfortable to ask for votes from the persons who have to vote as per tradition to their cast and fuedal lords.
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