PAKISTANI STOCKS END HIGHER; RUPEE FIRM, O/N RATES FLAT – RTRS

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KARACHI, April 1 (Reuters) – Pakistan’s main stock exchange closed higher on Tuesday, with the benchmark 100-share index of the Karachi Stock Exchange rising 1.49 percent, or 405.59 points to 27,565.50.

Lower than expected Consumer Price Index of 8.53 percent and Moody’s provisional rating of Caa1 to the Government of Pakistan’s announced bond offering helped index to close at yet new high.

Institutional support in index heavy weight oil and banking stocks helped, said dealer Samar Iqbal at Topline Securities.

Oil and Gas Development Co Ltd OGDC.KA rose 2.43 percent to 247 rupees while Bank of PunjabBOPU.KA was up 2.29 percent to 10.73 rupees.

The rupee PKR= ended at 98.20/98.28 against the dollar compared to Monday’s close of 98.25/98.35.

Overnight rates in the money market remained flat at 10.00 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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