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

Source : REUTERS
Last Updated: Mon, May 06, 2013 12:40 hrs

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 19,256.70 points.

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 98.25/98.30.

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



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