Pakistan stocks close higher, rupee strengthens, o/n rate rise

Last Updated: Wed, Jan 09, 2013 12:30 hrs

KARACHI, Jan 9 (Reuters) - Pakistani stocks closed higher on Wednesday amid hopes that better than expected results will be announced, especially from cement companies.

The State Bank of Pakistan's approval of the deal allowing Fauji Foundation to acquire Askari Bank helped the market to gain 96 points. The bank had been run by the Army Welfare Trust.

Major volumes of trading was seen in Maple Leaf Cement, Askari Bank and Jahangir Siddiqui, said senior manager of equity sales Mohammad Rizwan at Topline Securities.

The Karachi Stock Exchange's (KSE) benchmark 100-share index ended 0.58 percent, or 96.46 points, higher at 16,742.22.

Maple Leaf Cement was up 1.94 percent to 15.80 per share while D.G. Khan Cement rose 1.75 percent to 53.95 per share.

Stocks that fell included Askari Bank, down 0.42 percent to 18.76 per share, and Byco Petroleum, which fell 1.9 percent to 13.45 per share.

In the currency market, the Pakistani rupee strengthened, ending at 97.30/97.35 against the dollar, compared to Tuesday's close of 97.35/97.40.

Overnight rates in the money market rose ending at 9.40 percent compared to Tuesday's close of 9.4 percent. (Compiled by the Karachi newsroom)

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