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KARACHI: Pakistani stocks ended higher on Friday, led by fertiliser companies, on hopes of strong corporate results due to be announced next week, dealers said.
The Karachi Stock Exchange's benchmark 100-share index rose 0.27 per cent, or 31.69 points, to end at 11,684.23 on turnover of 56.8 million shares.
“Institutions bought at lower levels in anticipation of healthy profits,” said Sajid Bhanji, director at brokers Arif Habib Ltd.
Lucky Cement and Pakistan Oilfields next week are due to announce results for the quarter ended March 31.
In the currency market, the rupee firmed to close at 84.20/30 to the dollar, compared with Thursday's close of 84.35/45, but dealers said the local unit could come under pressure next week amid an increase in import payments.
The currency has been supported in previous days by a record inflow of remittances, strong foreign exchange reserves positions, healthy exports and a current account surplus, according to officials.
Remittances by overseas Pakistanis increased by 22.37 per cent, to over $8 billion, in the first nine months of the 2010/11 fiscal year, and in March a record $1.05 billion was received, according to data from the State Bank of Pakistan.
In the money market, overnight rates rose to end between 13.25 per cent and 13.50 per cent, compared with the previous day's close of 11 per cent as there were scheduled outflows of 32.5 billion rupees ($385.5 million), against which the central bank conducted a seven-day reverse repo and bought back government paper worth 1.3 billion rupees ($15.4 million).
