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Pakistan stocks end higher; Rupee weakens; o/n rates fall

Source : REUTERS
Last Updated: Sat, Nov 17, 2012 19:12 hrs

KARACHI, Nov 16 (Reuters) - Pakistani stocks closed higher on Friday led by selected blue chip stocks in textile, oil, cement and banking.

Consolidation continued amid hopes for further cut in the State bank of Pakistan policy rate amid falling inflation. Investors also bet on the resumption of gas supplies to the fertilizer sector, said trader Ahsan Mehanti at Arif Habib Corp.

The Karachi Stock Exchange (KSE) benchmark 100-share index ended 0.34 percent, or 54.67 points, higher at 16,197.74.

Fauji Cement fell 1.46 percent, or 0.1 rupees, to 6.73 per share, while Byco Petroleum was down 2.58 percent, or 0.25 rupees, to 9.45 per share.

In the currency market, the Pakistani rupee weakened, closing at 95.88/95.94 to the dollar, compared to Thursday's close of 95.71/95.76.

Overnight rates in the money market ended at 9.00 percent compared to Thursday's close of 10 percent. (Compiled by the Karachi newsroom)




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