Pakistani stocks Market close higher, rupee steady

 close higher, rupee steady

KARACHI: Pakistan’s stocks closed higher on Friday due to a gain in index heavy-weight Muslim commercial Bank, even as profit taking continued in oil stocks.

Fertilizer stocks also witnessed profit taking after reports that gas supply from the Sui Northern Gas Pipelines Ltd network would be cut, Said Farooque Siddqi Equity Dealer at Global Securities

The Karachi Stock Exchange’s benchmark 100-share index closed 0.37 per cent, or 82.26 points, higher at 22,358.96.

The Pakistan Oilfields Ltd fell 1.10 per cent at 510.99 rupees, while Engro Corporation Ltd was down 0.75 per cent at 145.75 rupees.

The rupee ended almost steady at 98.48/98.53 against the dollar, compared to Thursday’s close of 47/50. Overnight rates in the money market rose to 9.50 per cent from Thursday’s close of 9 per cent.