KARACHI, Feb 11 (Reuters) - Pakistan's stock market closed
higher on Monday after crossing the 17,500 mark for the first
time, partially fueled by gains made in the energy and textile
sector as they benefited from a weaker rupee.
The Karachi Stock Exchange's (KSE) benchmark
100-share index ended 0.40 percent, or 70.60 points, higher at
The gain was mainly led by the state-run Oil and Gas
Development Company, which gained four rupees per share.
Financial services company Jahangir Siddiqui Company saw renewed
buying interest in anticipation of better earnings.
Although around 600 companies are listed on the exchange,
less than ten percent of them see regular trading. Top companies
include state-run oil and gas companies, banking companies and a
few textile companies.
Both the oil and gas companies and the textile industry are
benefiting from the rupee's depreciation against the dollar. The
energy companies post their profits in dollars, and textile
exporters find the rupee's slide makes their wares more
competitively priced internationally.
A lower than expected result of D.G. Khan Cement caused its
share price to decline marginally, said dealer Samar Iqbal at
Maple Leaf Cement rose 4.8 percent to 18.13
rupees. Pakistan Telecommunication Corporation fell
1.15 percent to 19.77 rupees.
In the currency market, the rupee ended weaker at
97.96/98.01 against the dollar, compared to Friday's close of
Overnight rates in the money market fell to 9.75 percent
compared to Thursday's close of 8.75 percent.
(Compiled by the Karachi newsroom)