KARACHI, Dec 4 (Reuters) - Pakistani stocks hit a record
high for the fifth time in six sessions on Tuesday, supported by
expectations that the central bank will ease rates later this
The Karachi Stock Exchange's (KSE) benchmark
100-share index surged as high as 16,675.94 in intraday trading.
It closed at 16,650.15, up 0.68 percent or 112.17 points.
Jahangir Sidiqui rose 5.69 percent, or one rupee,
to 18.56 per share, while D.G. Khan Cement was up 0.07
percent, or 0.4 rupees, to 53.81 per share.
Maple Leaf Cement fell 0.14 percent, or 0.02
rupees, to 14.42 per share.
The market found support from expectations that the State
Bank of Pakistan will cut its discount rate this week after
government data showed inflation under control.
The consumer price index rose a smaller-than-expected 6.93
percent in November compared to a year earlier.
In the currency market, the Pakistani rupee
strengthened to 96.50/96.57 against the dollar, compared to
Monday's close of 96.57/96.62.
Overnight rates in the money market remained flat at 7.00
(Compiled by the Karachi newsroom)