KARACHI, Feb 22 (Reuters) - Pakistan's stock market closed
higher on Friday after the index crossed 18,000 points, boosted
by buying from foreign fund managers in the last few days.
The Karachi Stock Exchange's (KSE) benchmark
100-share index ended 0.86 percent, or 153.25 points, higher at
Around 370 million shares were traded, mostly in telecoms
companies. Both Pakistan Telecommunication Corporation and Engro
Corporation closed at their upper limit.
Their stocks were boosted by news that the courts had
approved a rise in international call rates and that the Engro
would receive a steady gas supply. Pakistan suffers from chronic
gas and electricity shortages.
Some correction was witnessed in oil stocks due to falling
international oil prices, said equity dealer Samar Iqbal at
World Call Telecom rose 2.7 percent to 3.80 rupees
and Pakistan Telecommunication Corporation rose 4.99
percent to 23.97 rupees.
In the currency market, the rupee ended at
98.06/98.12 against the dollar, stronger than Thursday's close
Overnight rates in the money market rose to 9 percent from
Thursday close of 8.50 percent.
(Compiled by the Karachi newsroom)