ISLAMABAD: Pakistan’s main stock market ended on a four-year high on Wednesday with investor confidence boosted by below-expectation inflation data for July, dealers said.
The Karachi Stock Exchange benchmark 100-share index gained 139.86 points, or 0.96 per cent, to close at 14,716.86 on volume of 62.9 million shares, its highest close since May 2008.
“Lower-than-expected inflation numbers for July pushed (up) the KSE-100 index,” said Samar Iqbal, a dealer at Topline Securities.
Pakistan’s Consumer Price Index (CPI) rose 9.60 per cent in July from a year earlier, the Pakistan Bureau of Statistics said on Wednesday. The year-on-year rate was 11.26 per cent in June.
In the currency market, the rupee closed almost flat at 94.61/67 to the dollar, compared with 94.62/68 on Tuesday.
Overnight rates in the money market closed lower at 11 per cent, compared with 11.90 per cent on Tuesday, because of increased liquidity.
Dear visitor, the comments section is undergoing an overhaul and will return soon.