KARACHI, Feb 14 (Reuters) - 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 percent, or 69.37 points, higher at
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
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 percent 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
Overnight rates in the money market fell to 7 percent
compared to Wednesday's close of 9 percent.
(Compiled by the Karachi newsroom)