Pakistan stocks end higher, rupee weakens, o/n rate fall

Last Updated: Mon, Jul 22, 2013 12:00 hrs

KARACHI, July 22 (Reuters) - Pakistan's stock exchange closed higher on Monday, with the benchmark 100-share index of the Karachi Stock Exchange rising 0.98 percent or 228.88 points to 23,657.81.

Pakistan State Oil Co Ltd and Pakistan Telecommunication Co Ltd helped the index gain more than 200 points while selling pressure was witnessed in the banking sector throughout the day. Dealers said they expected the market to remain bullish in the near term.

Pakistan Telecommunication Co Ltd rose 4.97 percent to 26.83 rupees while Pakistan State Oil Co Ltd was up 4.47 percent at 357.20 rupees.

The rupee ended at 100.67/100.72 against the dollar, weaker compared to Friday's close of 100.62/100.67.

Overnight rates on the money market fell to 8.50 percent from Friday's close of 9 percent. (Compiled by the Karachi newsroom)

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