Pakistani stocks close on four-year high

Published Aug 01, 2012 12:05pm

A trader on the floor of the Karachi Stock Exchange.—Reuters (File Photo)

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.


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