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Pakistani stocks close higher; rupee strengthens

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The Karachi Stock Exchange.—File Photo

KARACHI: Pakistan’s stock market closed higher on Wednesday, supported by an interest in power and oil companies, traders said.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index ended 1.04 per cent, or 186.01 points, higher at 18,080.90.

Hub Power, a private electricity generating company, closed at its upper limit after announcing earnings of 4.7 billion rupees and a better-than-expected payout of 4.1 rupees per share for its December quarter. The payout was up 58 per cent from last year.

Hub Power Company Ltd rose 4.99 per cent to 53.49 rupees, while food and fertilizer conglomerate Engro Corporation rose 4.85 percent to 117 rupees.

The Engro Corporation rose after an agreement with the state-run Oil and Gas Development Ltd that Engro would receive a reliable gas supply, said equity dealer Samar Iqbal at Topline Securities Ltd.

Pakistan caps stock movements at 5 per cent up or down to limit volatility in the market.  In the currency market, the rupee strengthened, closing at 98.09/98.14 against the dollar, compared to Tuesday's close of 98.12/98.17.

Overnight rates in the money market rose to 9.40 per cent from Tuesday close of 9 per cent.

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