Pakistan stocks end higher, rupee steady, o/n rates rise

Source : REUTERS
Last Updated: Mon, Jul 08, 2013 12:20 hrs

KARACHI, July 8 (Reuters) - Pakistan's stock exchange closed higher on Monday, with the benchmark 100-share index of the Karachi Stock Exchange up 0.84 percent or 187.38 points at 22,365.72.

Positive statements by rating agency Moody's helped the index to post a gain of approximately one percent. Institutional buying in Engro Corporation Ltd and Pakistan Telecommunication Co Ltd led the index as stocks of both closed at the upper limit, dealers said.

Pakistan Telecommunication Co Ltd rose 4.99 percent to 26.32 rupees while Engro Corporation Ltd was up 5 percent to 147.52 rupees.

In the currency market, the rupee ended steady at 99.98/100.03 against the dollar, compared to Friday's close of 99.97/100.03.

Overnight rates in the money market rose to 9 percent from Friday's close of 8.75 percent. (Compiled by the Karachi newsroom)

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