KARACHI, Feb 27 (Reuters) - Pakistan's stock market closed
higher on Wednesday, supported by an interest in power and oil
companies, traders said.
The Karachi Stock Exchange's (KSE) benchmark
100-share index ended 1.04 percent, or 186.01 points, higher at
Hub Power, a private electricity generating company, closed
at its upper limit after announcing earnings of 4.7 billion
rupees and a better-than-expected payout of 4.1 rupees per share
for its December quarter. The payout was up 58 percent from last
Hub Power Company Ltd rose 4.99 percent to 53.49
rupees, while food and fertilizer conglomerate Engro Corporation
rose 4.85 percent to 117 rupees.
The Engro Corporation rose after an agreement with the
state-run Oil and Gas Development Ltd that Engro would receive a
reliable gas supply, said equity dealer Samar Iqbal at Topline
Pakistan caps stock movements at 5 percent up or down to
limit volatility in the market.
In the currency market, the rupee strengthened,
closing at 98.09/98.14 against the dollar, compared to Tuesday's
close of 98.12/98.17.
Overnight rates in the money market rose to 9.40 percent
from Tuesday close of 9 percent.
(Compiled by the Karachi newsroom)