Pakistan stocks close higher, rupee steady, o/n rate fall

Last Updated: Fri, Jan 11, 2013 13:20 hrs

KARACHI, Jan 11 (Reuters) - Pakistani stocks closed higher on Friday market after traders learnt the main political party in the financial hub of Karachi decided not to participate in a political protest next week.

The Karachi Stock Exchange's (KSE) benchmark 100-share index ended 0.63 percent, or 104.79 points, higher at 16,634.71.

Cement stocks remained popular amid the expectation of better results announcements, said dealer Samar Iqbal at Topline Securities.

Fauji Cement was up 4.49 percent to 6.75 per share while Engro Foods rose 1.77 percent to 96.37 per share.

Pakistan Telecommunication Corporation Ltd fell 0.79 percent to 16.26 per share and Fauji Bin Qasim was down 0.67 percent to 38.50 per share.

In the currency market, the Pakistani rupee ended steady at 97.26/97.32 against the dollar, compared to Thursday's close of 97.27/97.32.

Overnight rates in the money market ended at 9 percent compared to Thursday's close of 9.40 percent. (Compiled by the Karachi newsroom)

More from Sify: