The Karachi Stock Exchange.—Reuters Photo

KARACHI: Pakistani stocks rose on Wednesday, supported by expectations that the central bank will ease interest rates at its monetary policy meeting on Friday.

The Karachi Stock Exchange’s (KSE) benchmark 100-index closed at 16,744.60, up 0.26 per cent or 42.91 points from the previous session. The market hit a record high of 16,903.46 on Friday.

Lotte Pak rose 2.22 per cent, or 0.17 rupee, to 7.82 per share, while Byco Petroleum was up 1.21 per cent, or 0.13 rupees, to 10.90 per share.

Stocks that fell included Jahangir Sidiqui, down 0.29 per cent to 17.21 per share, and Engro Foods, which dropped 1.39 per cent to 92.25 per share.

In the currency market, the Pakistani rupee steadied at 97.17/97.23 against the dollar, compared to Tuesday’s 97.15/97.25.

The local currency may fall more further due to strong dollar demand from importers, a dealer said.

Overnight rates in the money market ended at 9.90 per cent compared to Tuesday’s close of 9 per cent.

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