Pakistan stocks end higher, rupee strengthens

Published Sep 06, 2013 07:17pm
The KSE-100 index rose 314.41 points as investors bet interest rates would not rise after the $6.7 IMF loan agreement.—File Photo
The KSE-100 index rose 314.41 points as investors bet interest rates would not rise after the $6.7 IMF loan agreement.—File Photo

KARACHI: Pakistan's main stock exchange closed higher on Friday as investors bet that the central bank would not raise interest rates after the International Monetary Fund agreed a bail-out loan for Pakistan.

The benchmark 100-share index of the Karachi Stock Exchange rose 1.40 per cent, or 314.41 points, to 22,765.87.

Stocks like the National Bank of Pakistan, conglomerate Engro Corporation Ltd, Maple Leaf Cement, and textile group Nishat Chunian witnessed renewed buying interest and closed at their upper cap of 5 per cent, dealers said.

National Bank of Pakistan rose 5 percent to 50.61 rupees while Engro Corporation was up 5 per cent to 152.59 rupees.

This week the IMF approved a $6.7 billion loan package for Pakistan if the country implemented fiscal reforms like tackling rampant tax evasion.

The rupee ended higher at 104.66/104.72 against the dollar compared to Thursday's close of 104.76/104.81.

Overnight rates in the money market fell to 6.50 per cent from Thursday's close of 6.75 per cent.

More From This Section

Dollar rises to Rs101 mark

The US dollar rose 70 paisas in the inter-bank market on Wednesday after which it touched the Rs101.10 mark.

NBP profit soars to Rs8.1bn

The bank recorded a pre-tax profit of Rs12.3bn during the half, a rise of 63pc compared to the same period last year.

Comments (0) (Closed)