Dawn News

Pakistani stocks hit fresh record high, rupee firms

The Karachi Stock Exchange.—Reuters Photo

KARACHI: Pakistani stocks hit a record high for the fifth time in six sessions on Tuesday, supported by expectations that the central bank will ease rates later this week.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index surged as high as 16,675.94 in intraday trading.

It closed at 16,650.15, up 0.68 per cent or 112.17 points.

Jahangir Sidiqui rose 5.69 per cent, or one rupee, to 18.56 per share, while DG Khan Cement was up 0.07 per cent, or 0.4 rupees, to 53.81 per share.

Maple Leaf Cement fell 0.14 per cent, or 0.02 rupees, to 14.42 per share.

The market found support from expectations that the State Bank of Pakistan will cut its discount rate this week after government data showed inflation under control.

The consumer price index rose a smaller-than-expected 6.93 per cent in November compared to a year earlier.

In the currency market, the Pakistani rupee strengthened to 96.50/96.57 against the dollar, compared to Monday’s close of 96.57/96.62.

Overnight rates in the money market remained flat at 7.00 per cent.

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