Pakistan stocks rise, rupee strengthens, o/n rates rise

Pakistan stocks rise, rupee strengthens, o/n rates rise

Last Updated: Thu, Dec 20, 2012 19:20 hrs

KARACHI, Dec 19 (Reuters) - Pakistani stocks closed slightly higher Wednesday, mainly supported by oil stocks.

The Karachi Stock Exchange's (KSE) benchmark 100-index closed at 16,869.83, 0.07 percent higher or 11.15 points.

Investors also booked profit in the Engro Corp as no major decision was taken to overcome gas shortages in the fertiliser sector, said dealer Samar Iqbal at Topline Securities.

Financial services company Jahangir Siddiqui rose 1.85 percent, or 0.30 rupee, to 16.52 per share while Fauji Fertilizer was up 0.37 percent, or 0.42 rupees, to 114.45 per share.

Stocks that fell included Hub Power Co, down 0.41 percent to 43.80 per share, and D.G. Khan Cement, which fell 0.51 percent to 54.65 per share.

In the currency market, the Pakistani rupee strengthened, closing at 97.69/97.73 against the dollar, compared to Tuesday's close of 97.88/97.94.

The rally was a brief interlude in a mainly downward slide. The rupee is under pressure due to import and oil payments and may fall further due to a strong demand for the dollar from importers.

Overnight rates in the money market ended at 9.50 percent compared to Tuesday's close of 9.40 percent. (Compiled by the Karachi newsroom)

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