Pakistani stocks skyrocket to new record highs

Published May 14, 2013 08:08pm

This month, the market has already gained 9 per cent amid expectations that economic activity will be revived once the new Pakistan Muslim League – Nawaz (PML-N) government, perceived to be pro-business, takes charge, dealers said..—Reuters/File Photo

KARACHI: Pakistan's stocks closed higher on Tuesday, with unending foreign buying causing the index to improve further by 1 percent.

This month, the market has already gained 9 per cent amid expectations that economic activity will be revived once the new Pakistan Muslim League – Nawaz (PML-N) government, perceived to be pro-business, takes charge, dealers said.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index ended 1.14 percent, or 229.80 points, higher at 20,474.62 points.

Muslim Commercial Bank Ltd rose 5 percent to 274.99 rupees and Pakistan State Oil Company Ltd was up 5 percent to 232.95 rupees.

In the currency market, the rupee ended steady at 98.40/98.45 against the dollar.

Overnight rates in the money market remained flat at 9.40 percent.

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