Pakistan stocks close out week with fourth straight record high

Last Updated: Sat, Dec 08, 2012 19:01 hrs

KARACHI, Dec 7 (Reuters) - Pakistani stocks hit a record high for the fourth straight session on Friday, but settled lower as traders booked profits to close out the week.

The Karachi Stock Exchange's (KSE) benchmark 100-share index surged as high as 16,903.46 in intraday trading. It closed at 16,807.91 points, down 0.10 percent or 16.64 points.

The index has hit record highs in eight of the last nine sessions, and was up more than 25 percent since mid-June.

Lotte Pak rose 11.32 percent, or 0.83 rupee, to 8.16 per share, while Azgard Nine was up 2.07 percent, or 0.18 rupees, to 8.88 per share.

Maple Leaf Cement fell 6.93 percent, or one rupee, to 13.43 per share.

In the currency market, the Pakistani rupee weakened to 96.70/96.76 against the dollar, compared to Thursday's 96.54/96.59, ahead of scheduled government debt and oil payments, dealers said.

Overnight rates in the money market eased to 9 percent from 10 percent on Thursday. (Compiled by the Karachi newsroom)

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