KARACHI, May 6 (Reuters) - The Pakistani stock market closed
higher on Monday, rallied by more than 200 points in
anticipation that the landmark May 11 general election would
bring positive news for the economy.
The market opened on a positive note, but profit taking was
witnessed later in the day and the market ended almost flat.
Fauji Cement Company Ltd remained in the limelight as
investors accumulated shares after excellent results in the last
quarter. Engro Corporation also attracted investors who hope
that the new government will make efforts to resolve gas supply
issues, dealers said.
The Karachi Stock Exchange's (KSE) benchmark
100-share index ended 0.16 percent, or 30.07 points, higher at
Fauji Cement Company Ltd rose 0.33 percent to 9
rupees and Engro Corporation Ltd was up 1.15 percent
to 135.10 rupees.
In the currency market, the rupee ended weaker at
98.29/98.34 against the dollar, compared to Monday's close of
Overnight rates in the money market fell to 9 percent from
Friday's close of 9.50 percent.
(Compiled by the Karachi newsroom)