Pakistan stocks settle at record high, rupee weakens

Last Updated: Mon, Nov 19, 2012 12:20 hrs

KARACHI, Nov 19 (Reuters) - Pakistani stocks rose above 16,250 points to settle at a record high on Monday, supported by a jump in shares of domestic cement companies, dealers said.

The Karachi Stock Exchange (KSE) benchmark 100-share index ended 0.33 percent, or 53.64 points, higher at 16,251.38. That was the highest ever settlement and within striking distance of the market's peak of 16,292.45 points, reached during intra-day trading on Nov. 12.

Maple Leaf Cement rose 8.31 percent, or 1 rupee, to 13.04 per share, while Fauji Cement was up 1.93 percent, or 0.13 rupees, to 6.87 per share.

In the currency market, the Pakistani rupee weakened, closing at 96.01/96.06 to the dollar, compared to Friday's close of 95.88/95.94.

Overnight rates in the money market ended at 9.25 percent compared to Friday's close of 9 percent. (Compiled by the Karachi newsroom)

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