Karachi Stocks rise over 430 points

Karachi Stocks rise over 430 points

KARACHI: Karachi Stocks on Thursday rallied to a record high, driven by a sharp rise in cement oil and telecom companies, Said Faheem Raza Manager Equities at Next Capital on Thursday.

The Karachi Stock Exchange’s benchmark 100-share index closed 1.94 per cent, or 433.15 points, higher at 22,757.72.

The DG Khan Cement Company Ltd rose 4.99 per cent at 84.51 rupees, while Pakistan Telecommunication Co Ltd was up 4.98 per cent at 23.59 rupees.

The government’s proposed budget, which aims to narrow the fiscal deficit to 6.3 per cent of gross domestic product in 2013/14, also supported the market.

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

Overnight rates in the money market remained flat at 9.40 per cent.