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
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)