Pakistan stocks end higher, o/n rates rise

Pakistani stocks end higher, o/n rates rise

KARACHI: REUTERS – Pakistan’s stock exchange closed higher on Monday, with the benchmark 100-share index of the Karachi Stock Exchange up 0.84 per cent or 187.38 points at 22,365.72.

Positive statements by rating agency Moody’s helped the index to post a gain of approximately one percent. Institutional buying in Engro Corporation Ltd and Pakistan Telecommunication Co Ltd led the index as stocks of both closed at the upper limit, dealers said.

Pakistan Telecommunication Co Ltd rose 4.99 per cent to 26.32 rupees while Engro Corporation Ltd was up 5 per cent to 147.52 rupees.

In the currency market, the rupee ended steady at 99.98/100.03 against the dollar, compared to Friday’s close of 99.97/100.03.

Overnight rates in the money market rose to 9 per cent from Friday’s close of 8.75 per cent.