Pakistan stocks end higher, rupee steady, o/n rate rise

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Aug 13 (Reuters) – Pakistan’s main stock exchange closed higher on Tuesday, as the benchmark 100-share index of the Karachi Stock Exchange rose 0.75 percent or 175.21 points to 23,613.20.

The 175-point gain was mainly supported by index heavy-weights Muslim Commercial Bank and Oil and Gas Development Co Ltd.

Renewed buying interest was also seen in Pakistan Petroleum Ltd and Engro Corporation Ltd while some profit taking was seen in cement stocks, dealers said.

Muslim Commercial Bank Ltd rose 1.87 percent to 286.50 rupees while Pakistan Petroleum Ltd was up 1.39 percent at 251.15 rupees

The rupee ended steady at 102.59/102.64 against the dollar, compared to Monday’s close of 102.57/102.64.

Overnight rates in the money market rose to 6.75 percent from Monday’s close of 6.50 percent. (Compiled by the Karachi newsroom)

Sanie Khan

Sanie Khan holds a deep knowledge of the financial markets in Pakistan. Based in Karachi, he has over 20 years of hands-on management experience in financial technologies and managing operations in the financial sector. He was the General Manager at the Pakistan Stock Exchange (PSX) for 17 years. He along-with senior members of Exchange

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