KARACHI, Feb 8 (Reuters) - Pakistan's stock market closed
higher on Friday despite a decision by the State Bank of
Pakistan to leave the policy rate unchanged at 9.5 percent.
The Karachi Stock Exchange's (KSE) benchmark
100-share index ended 0.54 percent, or 94.62 points, higher at
Trading in the shares of Askari Bank Ltd dominated the day
with a volume of 25 million shares changing hands after the
Fauji Group announced that they will take over the bank at a
substantial premium to the market price.
The telecom sector was also popular in anticipation of
better results after an increase in international calling rates,
said Samara Iqbal, a dealer at Top line Securities.
Askari Bank rose 4.87 percent to 19.61 rupees.
World Call Telecom rose 2.25 percent to 3.63 rupees.
In the currency market, the rupee ended weaker at
97.88/97.95 against the dollar, compared to Thursday's close of
Overnight rates in the money market fell to 8.75 percent
compared to Thursday's close of 9 percent.
(Compiled by the Karachi newsroom)