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

Source : REUTERS
Last Updated: Wed, May 08, 2013 12:00 hrs

KARACHI, May 8 (Reuters) - Pakistan's stocks closed higher on Wednesday, driven by steady foreign buying, and confidence among investors that Saturday's general election would run smoothly, traders said.

The Karachi Stock Exchange's (KSE) benchmark 100-share index ended 1.09 percent, or 209.81 points, higher at 19,472.55 points.

Oil and Gas Development Company Ltd rose 1.26 percent to 208 rupees and Pakistan Petroleum Ltd was up 1.16 percent to 199 rupees.

In the currency market, the rupee ended weaker at 98.41/98.46 against the dollar, compared to Tuesday's close of 98.28/98.33

Overnight rates in the money market remained flat at 7 percent. (Compiled by the Karachi newsroom)



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