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

Source : REUTERS
Last Updated: Fri, May 03, 2013 15:00 hrs

KARACHI, May 3 (Reuters) - The Pakistani stock market closed higher on Friday ahead of crucial elections that should mark the first transfer of power from one democratically elected government to another.

The Karachi Stock Exchange's (KSE) benchmark 100-share index ended 1.01 percent, or 192.10 points, higher at 19,226.63 points.

Foreign flows had a positive impact on the market. Pakistani investors focused on large cap stocks like Pakistan State Oil and Engro Corporation Ltd., dealers said.

Pakistan State Oil Company Ltd. rose 1.11 percent to 204.37 rupees and Engro Corporation was up 0.97 percent to 133.30 rupees.

In the currency market, the rupee ended at 98.25/98.30 against the dollar, stronger than Thursday's close of 98.34/98.40.

Overnight rates in the money market rose to 9.50 percent from Thursday's close of 9 percent. (Compiled by the Karachi newsroom)




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