Pakistan stocks close at record high for second straight session

Last Updated: Tue, Nov 20, 2012 12:40 hrs

KARACHI, Nov 20 (Reuters) - Pakistani stocks closed slightly higher on Tuesday, settling at a record high for the second straight session, supported by telecom shares.

The Karachi Stock Exchange (KSE) benchmark 100-share index nudged up 0.41 points to 16,251.79. That was the highest ever settlement and within striking distance of the market's peak of 16,292.45 points, reached in intra-day trading on Nov. 12.

Telecoms firm P.T.C.L. surged 3.05 percent, or 0.54 rupees, to 18.22 per share, while D.G. Khan cement rose 0.26 percent, or 0.14 rupees, to 53.75 per share.

Fauji Cement fell 1.6 percent, or 0.11 rupees, to 6.76 per share and Jahangir Sidiqui dropped 5.93 percent, or 1.0 rupees, to 15.86 per share.

In the currency market, the Pakistani rupee strengthened at 95.90/95.97 to the dollar, compared to Monday's close of 96.01/96.06.

Overnight rates in the money market ended at 9.90 percent compared to Monday's close of 9.25 percent. (Compiled by the Karachi newsroom)

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