Pakistan stocks close higher, rupee weakens, o/n rates fall

Last Updated: Thu, Jan 31, 2013 13:01 hrs

KARACHI, Jan 31 (Reuters) - Pakistani stocks to a new high on Thursday, mainly supported by banks, but the cement sector drew strong interest with some investors buying on results and some taking profits.

The Karachi Stock Exchange's (KSE) benchmark 100-share index ended 0.22 percent, or 37.47 points, higher at 17,242.74.

Expectations of imminent results kept cement on the radar. Maple Leaf Cement closed 4 percent down after announcing its December results. Fauji Cement was up 2.43 percent at 8.01 rupees.

Karachi Electric rose 3.23 percent to 6.07 rupees.

Pakistan Telecommunication Corporation Ltd fell 0.96 percent to 18.54 rupees.

In the currency market, the rupee ended weaker at 97.70/97.76 against the dollar, compared to Wednesday's close of 97.64/97.69.

Overnight rates in the money market fell to 6.50 percent compared to Wednesday's close of 9.40 percent. (Compiled by the Karachi newsroom)

More from Sify: