Pakistani stocks end higher, rupee strengthens

KARACHI: Pakistani stocks closed higher on Wednesday after a relatively quiet trading session.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index ended 0.21 per cent, or 35.40 points, higher at 16,927.34.

Most of the trading took place in power and fertilizer stocks but investors remained concerned about violence in Karachi, said dealer Samar Iqbal at Topline Securities.

Stocks that ended positively included PIA, which rose 33.44 per cent, or one rupee, to 3.99 per share and Fauji Bin Qasim, which was up 0.52 per cent, or 0.20 rupees, to 38.70 per share.

Stocks that fell included TRG Pakistan, down 0.81 per cent to 6.13 per share, and Maple Leaf Cement, which fell 1.62 per cent to 14.55 per share.

In the currency market, the Pakistani rupee ended at 97.31/97.36 against the dollar, compared to Monday’s close of 97.48/97.55.

The market was closed Tuesday for a national holiday.

Overnight rates in the money market ended at 9 per cent compared to Monday’s close of 9.40 per cent.


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usman hashmi

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