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

Dar’s statement helps dollar gain 1pc

Dar’s statement that the dollar will be kept around Rs98 to support the export industry created panic-like situation.

Ecnec okays Rs62bn projects

The Executive Committee of the National Economic Council has approved Rs62 billion worth of development projects.

Cotton output rises to 13.39m bales

Figures compiled by CGA, Aptma and KCA during outgoing fortnight show around 4,953 cotton bales reached ginning units.

OICCI seeks integrated tax collection

The OICCI has asked Sindh to integrate all revenue collection under one roof and also raise tax from agriculture sector.

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