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Pakistan stocks end higher; rupee strengthens; o/n rates rise

Source : REUTERS
Last Updated: Thu, Nov 15, 2012 12:50 hrs

KARACHI, Nov 15 (Reuters) - Pakistani stocks closed higher on Thursday, led by higher prices in cement stocks and trading in blue chip companies.

The Karachi Stock Exchange (KSE) benchmark 100-share index ended 0.14 percent, or 22.55 points, higher at 16,143.07.

The expected resumption of gas supply to fertilizer industry helped boost buying despite concerns over the rupee's downward trend, said Ahsan Mehanti, a trader at Arif Habib Corp.

Fauji Cement rose 4.26 percent, or 0.28 rupees, to 6.85 per share, while Maple Leaf Cement rose 6.26 percent, or 0.71 rupees, to 12.05 per share.

In the currency market, the Pakistani rupee strengthened, closing at 95.71/95.76 to the dollar, compared to Wednesday's close of 95.86/95.91.

Overnight rates in the money market ended at 10 percent compared to Wednesday's close of 9.90 percent. (Compiled by the Karachi newsroom)




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