Inside Financial Markets

Pakistan stocks close higher, rupee steady, o/n fall

Pakistan stocks close higher, rupee steady, o/n fall

03-Jun-2013 17:25

KARACHI, June 3 (Reuters) – Pakistan’s stocks closed higher on Monday, as index heavy-weights Oil and Gas Development Co Ltd and Muslim Commercial Bank caused the benchmark KSE-100 index to cross the 22,000 mark. Low inflation figures also boosted investor sentiments, Said Jawad Abubakar Senior Equity Manager at Elixir Securities

. The Oil and Gas Development Co Ltd OGDC.KA was up 4.28 percent at 254 rupees while Muslim Commercial Bank MCB.KA closed 1.87 percent higher at 269.59 rupees. Pakistan’s year-on-year inflation for May stood at 5.13 percent, the Pakistan Bureau of Statistics said on Monday. On a month-on-month basis, prices rose 0.51 percent. The average inflation rate from July-May 2013 was 7.51 percent. The Karachi Stock Exchange’s .KSE benchmark 100-share index closed 1.18 percent, or 257.80 points, higher at 22,080.85.

The rupee PKR= ended steady at 98.46/98.51 against the dollar. Overnight rates in the money market fell to 9.40 percent from Friday’s close of 9.50 percent.

Ali Nawaz

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Inside Financial Markets was a joint publication of Pakistan Stock Exchange (PSX)and Society of Technical Analysts Pakistan (STAP)