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
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
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)