KARACHI, June 19 (Reuters) - Pakistan's stocks closed higher
on Wednesday, helped by market optimism that a visiting
delegation from the International Monetary Fund could lead to a
bailout loan and resolve the country's balance of payment
problems, dealers said.
The visit helped reverse losses seen in recent days on the
Karachi Stock Exchange's benchmark 100-share index, said
dealer Samar Iqbal at Topline Securities.
The IMF team will be in Pakistan for several days and one
official on the team said not to expect any bailout announcement
during the trip.
The index closed 0.99 percent, or 216.10 points, higher at
Pakistan State Oil Co Ltd and Engro Foods Ltd closed at
their upper limit. Engro Foods Ltd rose 5 percent at
150.47 rupees, while Bank of Punjab was up 3.97
percent at 14.68 rupees.
The rupee ended weaker at 98.65/98.70 against the
dollar, compared to Tuesday's close of 98.63/98.69.
Overnight rates in the money market fell to 8.50 percent
from Tuesday's close of 9 percent.
(Compiled by the Karachi newsroom)