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Pakistan stocks end higher; rupee steady; o/n rates rise

Source : REUTERS
Last Updated: Wed, Nov 21, 2012 18:40 hrs

KARACHI, Nov 21 (Reuters) - Pakistani stocks closed higher on Wednesday, driven by interest in the oil, cement and power sectors.

The Karachi Stock Exchange (KSE) benchmark 100-share index ended 0.03 percent, or 5.18 points, higher at 16,256.97

"Renewed institutional support in the oil, cement and power sector stocks on strong valuations played a catalyst role in the positive close," said Ahsan Mehanti at Arif Habib Corp.

Karachi Electric surged 8.85 percent, or 0.5 rupees, to 6.15 per share, while Jahangir Sidiqui rose 1.89 percent, or 0.3 rupees, to 16.17 per share.

Fauji Cement fell 1.03 percent, or 0.07 rupees, to 6.70 per share and JS Bank dropped 3.87 percent, or 0.23 rupees, to 5.71 per share.

In the currency market, the Pakistani rupee was steady at 95.90/95.97 to the dollar, compared to Tuesday's close.

Overnight rates in the money market ended at 10 percent compared to Tuesday's close of 9.90 percent. (Compiled by the Karachi newsroom)



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