KARACHI, Nov 30 (Reuters) - Pakistani stocks hit a record
high for the fourth day in a row on Friday, closing the week up
nearly 3 percent, driven by a rally in cement shares and
expectations that the central bank will ease rates next week.
The Karachi Stock Exchange's (KSE) benchmark
100-share index surged as high as 16,651.10 in intraday trading.
It closed at 16,573.86, up 0.28 percent or 46.78 points from the
"Investors remained bullish in cement stocks, while the
textile sector also joined the bandwagon," said Samar Iqbal, an
equity dealer with Topline Securities.
"With the end of the year approaching, there was also
renewed interest in the banking sector."
Fauji Cement rose 2.05 percent, or 0.14 rupees, to
6.98 per share, while National Bank was up 4.99
percent, or 2.37 rupees, to 49.87 per share.
Karachi Electric fell 0.72 percent, or 0.05
rupees, to 6.88 per share.
The market also found support from expectations that the
State Bank of Pakistan will cut its discount rate with inflation
The government will publish November inflation figures on
Monday, while the central bank meets later in the week to decide
on monetary policy.
In the currency market, the Pakistani rupee
strengthened to 96.49/96.54 to the dollar, compared to
Thursday's close of 96.54/96.59.
Overnight rates in the money market remained flat at 9.50
(Compiled by the Karachi newsroom)