KARACHI, Dec 6 (Reuters) - Pakistani stocks on Thursday hit
a record high for the third straight session, driven by a rise
in cement and bank shares.
The Karachi Stock Exchange's (KSE) benchmark
100-share index surged as high as 16,844.21 in intraday trading.
It closed at 16,824.55, up 0.89 percent or 148.85 points.
The market has hit record highs in seven of the last eight
sessions, and was up more than 25 percent since mid-June.
Fauji Bin Qsim rose 4.08 percent, or 1.49 rupee,
to 37.99 per share, while Lucky Cement was up 2.99
percent, or 4.30 rupees, to 148.00 per share.
Byco Petroleum surged 9.37 percent, or one rupee,
to 11.67 per share.
The market also found support from expectations that the
State Bank of Pakistan will cut its discount rate this week
after government data showed inflation under control.
In the currency market, the Pakistani rupee
strengthened at 96.54/96.59 against the dollar, compared to
Tuesday's 96.60/96.65, ahead of scheduled government debt and
oil payments, dealers said.
Overnight rates in the money market remained flat at 10
(Compiled by the Karachi newsroom)