The Karachi Stock Exchange.—Reuters Photo

KARACHI: Pakistani stocks hit a record high on Thursday for the third day in a row, driven by interest in Unilever and banking stocks, dealers said.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index surged to a record high of 16,556.27 in intraday trading. It closed at 16,527.08, up 0.63 per cent or 103.05 points.

Financial services company Jahangir Sidiqui rose 6.38 per cent, or 1.0 rupees, to 16.68 per share, while Byco Petroleum (BYCO.KA) was up 2.42 per cent, or 0.25 rupees, to 10.56 per share.

DG Khan Cement fall 2.1 per cent, or 1.16 rupees, to 53.98 per share. Dealers said trading was strong in the cement, textile and fertilizer sectors.

The market also found support from expectations that the State Bank of Pakistan will cut its discount rate at next month’s monetary policy meeting.

In the currency market, the Pakistani rupee closed slightly weaker on 96.54/96.59 to the dollar, compared to Wednesday’s close of 96.53/96.58, ahead of scheduled debt repayments to the International Monetary fund (IMF) and strong demand for dollars, dealers said.

Overnight rates in the money market ended at 9.50 per cent compared to Wednesday’s close of 9 per cent.

More From This Section

3G and 4G auction to yield $1.3bn, says Dar

The fee would be recovered within five years, and the licence would be valid for 15 years.

16 MoUs signed at business meeting

Over 300 representatives of the private and public sectors from CARs, Afghanistan and Pakistan attended the conference.

Bulls stage spectacular rally of 362 points

Bulls tossed KSE-100 index up by 362.38 points to a high at 29,458.15 in a rally effectively led by foreign investors.

Sindh revenue collection jumps by 23pc

Revenue collection in Sindh between July 2013 and March 2014 stood at Rs23.7bn, witnessing an increase of 23 per cent.

Comments are closed.
Explore: Indian elections 2014
Explore: Indian elections 2014
How much do you know about Indian Elections?
How much do you know about Indian Elections?
From The Newspaper