Pakistani stocks end higher, rupee firm, o/n rates rise

KARACHI: Pakistan’s stock exchange closed higher on Thursday, with the benchmark 100-share index of the Karachi Stock Exchange up 0.75 per cent or 164.10 points at 21,966.96.

The market continued to climb to close near 22,000 points mark. Local institutional support coupled with Pakistan’s re-entry into a new International Monetary Fund programme kept the interest alive.

Gains in international crude oil prices brought renewed interest in Pakistan Oilfields Ltd and Oil and Gas Development Co Ltd. While expected additional gas supply kept momentum in Engro Corporation, said Samar Iqbal at Topline Securities.

Pakistan Oilfields Ltd rose 1.01 per cent to 516 rupees while Engro Corporation Ltd was up 3.15 per cent to 142.90 rupees.

The rupee ended almost steady at 99.86/99.93 against the dollar, compared to Wednesday’s close of 99.85/99.95.

Overnight rates in the money market rose to 7.50 per cent from Wednesday’s close of 7 per cent.