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

KARACHI: Pakistani stocks hit a record high in intraday trading for the fourth straight session on Friday, but settled lower as traders booked profits to close out the week.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index surged as high as 16,903.46 in intraday trading.

It closed at 16,807.91 points, down 0.10 per cent or 16.64 points.

The index has hit record highs in eight of the last nine sessions, and was up more than 25 per cent since mid-June.

Lotte Pak rose 11.32 per cent, or 0.83 rupee, to 8.16 per share, while Azgard Nine was up 2.07 per cent, or 0.18 rupees, to 8.88 per share.

Maple Leaf Cement fell 6.93 per cent, or one rupee, to 13.43 per share.

In the currency market, the Pakistani rupee weakened to 96.70/96.76 against the dollar, compared to Thursday’s 96.54/96.59, ahead of scheduled government debt and oil payments, dealers said.

Overnight rates in the money market eased to 9 per cent from 10 per cent on Thursday.

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Comments (2)

skeptic
December 7, 2012 3:26 pm
this all engineered for elections.the macro economic indicators are in a disaster zone and financial markets flourishing are a complete fallacy. satta bazi zindabad
karim
December 7, 2012 2:54 pm
Tremendous amount of money laundering going on right now in KSE. Its either that or some other scam.
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