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

Source : REUTERS
Last Updated: Wed, Feb 27, 2013 12:40 hrs

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 18,080.90.

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 year.

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 Securities Ltd.

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)




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