Pakistan stocks close higher, rupee steady, o/n flat

Last Updated: Wed, Jun 12, 2013 12:00 hrs

KARACHI, June 12 (Reuters) - Pakistan's stocks closed above 22,000 on Wednesday led by oil stocks, after the government announced that it would seek to ease the country's debt.

Fertiliser and cement firms came under selling pressure with investors anticipating tax increases in the upcoming budget, which could hurt profitability, dealers said.

The Karachi Stock Exchange's benchmark 100-share index closed 0.52 percent, or 115.50 points, higher at 22,324.57.

The Fauji Cement Company Ltd fell 1.98 percent at 11.90 rupees, while Fauji Fertilizer Co Ltd was down 0.61 percent at 113.48 rupees.

The rupee ended steady at 98.50/98.55 against the dollar.

Overnight rates in the money market remained flat at 9.40 percent. (Compiled by the Karachi newsroom)

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