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Pakistani stocks end higher; rupee firm, o/n rates rise

Source : REUTERS
Last Updated: Fri, Feb 28, 2014 13:10 hrs

KARACHI, Feb 28 (Reuters) - Pakistan's main stock exchange closed higher on Friday, with the benchmark 100-share index of the Karachi Stock Exchange rising 1.19 percent, or 304.35 points to 25,783.28.

Pakistan State Oil Co Ltd's surprise earnings and payout contributed to an across the board rally at the local bourse. Foreign inflows in the last two days also helped to boost market sentiments. Oil and cement stocks also rallied, said dealer Samar Iqbal at Topline Securities.

Pakistan State Oil Co Ltd rose 5 percent to 360.47 rupees while Maple Leaf Cement Factory Ltd was up 5 percent to 29.27 rupees.

The rupee ended at 104.87/104.92 against the dollar compared to Thursday's close of 104.90/105.95.

Overnight rates in the money market rose to 10.00 percent from Thursday's close of 7.50 percent. (Compiled by the Karachi newsroom)




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