Pakistani stocks end higher; rupee firm; o/n rates fall

Last Updated: Thu, Oct 31, 2013 13:00 hrs

KARACHI, Oct 31 (Reuters) - Pakistan's main stock exchange closed higher on Thursday, with the benchmark 100-share index rising 2.09 percent or 465.26 points to 22,775.85.

Led by Oil and Gas Development Co Ltd and Muslim Commercial Bank Ltd, the market posted a rebound on the last day of the month of October. Expectation that inflation and interest rates may not increase substantially forced investors to accumulate stocks, dealers said.

Oil and Gas Development Co Ltd rose 3.51 percent to 269.25 rupees while Muslim commercial Bank Ltd was up 3.65 percent to 280.99 rupees.

The rupee ended steady at 106.76/106.82 against the dollar, compared to Wednesday's close of 106.78/106.83.

Overnight rates in the money market fell to 7.00 percent from Wednesday's close of 8.25 percent. (Compiled by the Karachi newsroom)

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