KARACHI: Pakistani stocks closed on a record high Friday, as the index closed above the 16,000 point mark following the release of data showing a 7.66 per cent inflation rate for October.

Although still high, the rate was down from months of double-digit inflation earlier this year. There was heavy trading in cement stocks as investors speculated that the monetary policy rate might also decline, dealers said.

Fauji Cement rose 0.49 rupees to 6.93 per share and Nishat Mills was up 0.91 rupees to 62.13 per share.

The Karachi Stock Exchange (KSE) benchmark 100-share index ended 0.87 per cent, or 139.18 points, higher at 16,101.55, on total volume of 191.48 million shares.

In the currency market, the Pakistani rupee weakened ahead of scheduled repayments to the International Monetary Fund later this month. It ended at 95.72/95.77 to the dollar, compared to Thursday’s close of 95.65/95.69.

Overnight rates in the money market remained flat at 9.00 per cent.