Karachi Stock Exchange close higher, rupee steady, o/n flat

Karachi Stock Exchange close higher, rupee steady, o/n flat

12-Jun-2013 16:59

KARACHI, June 12 (IFM – Web Desk) – Karachi Stock Exchange closed above 22,000 on Wednesday led by oil stocks, after the government announced that it would seek to ease the country’s debt.

Fertiliser and cement firms came under selling pressure with investors anticipating tax increases in the upcoming budget, which could hurt profitability, Said Sibtain Mustafa head of Sales Elixir Securities

The Karachi Stock Exchange’s .KSE benchmark 100-share index closed 0.52 percent, or 115.50 points, higher at 22,324.57.

The Fauji Cement Company Ltd FAUC.KA fell 1.98 percent at 11.90 rupees, while Fauji Fertilizer Co Ltd FAUF.KA was down 0.61 percent at 113.48 rupees.

The rupee PKR= ended steady at 98.50/98.55 against the dollar.

Overnight rates in the money market remained flat at 9.40 percent.