Pakistan stocks close higher, rupee firm, o/n rates fall

Last Updated: Fri, Mar 01, 2013 13:30 hrs

KARACHI, March 1 (Reuters) - Pakistan's stock market closed higher on Friday, boosted by continuous foreign buying and buoyed by expectation that the new caretaker government will soon take over in advance of elections scheduled for this spring.

The Karachi Stock Exchange's (KSE) benchmark 100-share index ended 0.06 percent, or 11.52 points, higher at 18,185.19 points.

Some profit taking was seen in heavyweight energy companies, including the Oil and Gas Development Company Ltd and Pakistan Petroleum. Renewed interest was also witnessed in Engro Corporation, Pakistan Telecommunication Corporation Ltd.

Trading volumes reached to close 400 million shares, with a value of 10 billion rupees, the highest for nearly nine months.

Engro Corporation rose 1.06 percent to 122.48 rupees, while Pakistan Telecommunication Corporation fell 0.51 percent to 23.32 rupees.

In the currency market, the rupee remained steady at 98.15/98.20 against the dollar, compared to Thursday's close of 98.14/98.19.

Overnight rates in the money market fell to 9 percent from Thursday's close of 9.40 percent. (Compiled by the Karachi newsroom)

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