Pakistan stocks close higher, rupee strengthens, o/n rates flat

Last Updated: Mon, May 20, 2013 12:20 hrs

KARACHI, May 20 (Reuters) - Pakistan's stocks closed higher on Monday, with the market closing above the high 20,800 point mark, led by foreign buying in large caps.

Newspaper reports of the early resolution of circular debt helped Pakistan State Oil Company Ltd close at its upper cap. The heavy weight Oil and Gas Development Company Ltd also rallied and closed 5 percent higher, dealers said.

The Karachi Stock Exchange's (KSE) benchmark 100-share index ended 1.35 percent, or 277.11 points, higher at 20,814.14.

The Oil and Gas Development Company Ltd rose 5 percent to 220.65 rupees and Pakistan State Oil Company Ltd was up 5 percent at 256.49 rupees.

In the currency market, the rupee ended at 98.39/98.45 against the dollar, stronger than Friday's close of 98.45/98.50.

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

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